American’s Arizona Store Closing Sales Approved

November 17, 2008  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on November 2008 The company that operates Albuquerque, N.M.-based American Home Furnishings gained permission late last week to hold going-out-of-business sales at its six Arizona locations.

The sales will be conducted by Planned Furniture Promotions, Enfield, Conn., at three locations in Tucson and one each in Prescott, Mesa and Sahuarita.

AFC Acquisitions, American Home’s parent company, filed for Chapter 11 Bankruptcy last week. In court papers, the 11-store chain revealed plans to consolidate three locations in Albuquerque into one store and operate it with locations in Santa Fe and Farmington. The court papers stated that the bankruptcy came after a key lender, Wells Fargo Retail Financing, cut off a revolving credit facility.

Company officials have said Arizona was particularly hard hit by foreclosures. A statement issued last week stated that the plan to rebuild the company around three stores will preserve the company’s 70-year heritage and serve customers in New Mexico.