Storehouse to Liquidate

October 5, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on October 2006 Liquidation sales are set to get underway at 70 Storehouse locations today following Thursday’s U.S. Bankruptcy Court’s approval of the chain’s sale to Hudson Capital Partners.

The sales are expected to run 10 weeks. A liquidater, Hudson Capital was the only interested party to make an offer for the retailer. Hudson will pay about 85 percent of the value of Storehouse’s inventory, which is estimated at about $20 million.

Storehouse was put on the market when parent company The Rowe Cos. filed Chapter 11 last month. The upholstery producer Rowe Furniture is also operating under Chapter 11 protection, and the company has said it plans to focus only on manufacturing to emerge a profitable company.

Rowe had been trying to sell the retailer for a year prior to the bankruptcy filing.