From Home Furnishing Business
Easy Life Furniture Files Chapter 11
Home furnishings retailer Easy Life Furniture has filed Chapter 11 under the U.S. Bankruptcy Court and plans to liquidate its 14 stores.
The Buena Park, Calif.-retailer's filing with the California Central Bankruptcy Court lists the company's assets at $6.7 million and debts of $12.4 million. The debt includes nearly $6 million in industry payables.
In the filing made Thursday, the company estimated the number of creditors to be between 100 and 199.
The top 20 creditors are listed as below:
* Board of Equalization (Sacramento, Calif.) $2.9 million;
* Wei, Ying-Chiao (Taipei, Taiwan) $2.4 million;
* Charles Shue (Carmel, Ind.) $600,000;
* Steve Hsu (Diamond Bar, Calif.) $400,000;
* Klaussner Furniture Inds. (Asheboro, N.C.) $389,712.20;
* Acme Furniture Ind. (City of Industry, Calif.) $354,390.54;
* The 2000 Design Inc. (Las Vegas) $340,535;
* Cerritos Retail Centercal (El Segundo, Calif.) $321,492.60;
* Comref So. Ca. Industrial (Newport Beach, Calif.) $297,201.68;
* Holland House (Indianapolis, Ind.) $268,438.32;
* Valassis Direct Mail (Windsor, Conn.) $258,000;
* Edwin S. Johnston Co. (Glendale, Calif.) $237,981.19;
* The Simmons Mfg. Co. (Atlanta) $221,551;
* Spirit Properties Ltd. (Santa Clarita, Calif.) $212,133.16;
* Las Vegas Land & Development (Los Angeles) $207,639.78;
* Corinthian Fine Furniture (Corinth, Miss.) $192,501.40;
* IFM (Bay Minette, Ala.) $161,661.50;
* Quad/Graphics Inc. (Atlanta) $146,769.20;
* Comfort Inds. (Whittier, Calif.) $142,395.50, and;
* Global Furniture (East Brunswick, N.J.) $141,967.10.
A creditors' meeting is set for June 13 at 10:30 a.m. at Ronald Reagan Federal Building and U.S. Courthouse at 411 W. Fourth St.