Hearing Set Today On Levitz Bidding

November 19, 2007  by in UnCategorized   

By Home Furnishings Business in on November 2007 According to motions filed in the bankruptcy case of Levitz Furniture, New York, there will be a hearing to approve bidding procedures today at 2 p.m., and an actual auction of company assets could occur as soon as Nov. 26.

The assets for sale could include retail locations, leases, merchandise and intellectual property, and other intangibles. The motion also includes provisions for going-out-of-business sales.

Attorneys for Levitz, which filed for Chapter 11 earlier this month, requested the bankruptcy court hearing set to occur today. Several parties to the case have raised objections, arguing that more time should be provided to sell company assets.

The retailer has 76 stores in the Northeast and West.

On Nov. 8, the company announced that it was filing for bankruptcy for the third time since 1997 because of “insufficient liquidity to support the company’s current operations.” The company also said the filing was part of its strategy to evaluate its options, including a sale or finding a new financial investor.

According to court documents, the company lists assets of more than $100 million and liabilities of more than $100 million. Its estimated number of creditors is listed as being between 1,000 and 5,000.