Hudson's Furniture Files Chapter 11 in Florida

March 4, 2010  by in UnCategorized   

By Home Furnishings Business in Bankruptcy on March 5, 2010 Hudson's Furniture Showroom, Sanford, Fla., has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code, the Orlando Business Journal reported Thursday.

The move will allow Hudson's to restructure real estate debt for its 12 stores.

"After months of working with the banks on reducing real estate expense with no success, we finally had only one possible solution," said President and founder Fred Hudson in a statement that was quoted in the report. "In every other respect, we have been able to achieve winning financial results."

On Thursday, a bankruptcy judge authorized Hudson's to continue operating its business and continue in possession and control of its properties. Hudson's has about $6 million in unsecured debt, according to court filings.