Interiors Files Chapter 11

May 16, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on May 2006 Traditional furniture retailer Mastercraft Interiors has filed for Chapter 11 bankruptcy protection citing declining sales and changing tastes as the reasons.

The Beltsville, Md.-based retailer has been in business since 1977 specializing in 18th- and 19th-century reproductions. The retailer has four stores and employs about 150 people. The company recently closed a store in Leesburg, Va.

Documents filed in federal bankruptcy court show the company has $10.6 million in assets, and liabilities are listed at $25.5 million. Revenue fell by $5.2 million to $45.3 million last year.

Bank of America is listed as Mastercraft Interiors’ largest creditor and is owed $10.3 million on a line of credit.