RoomStore, whose slogan is “We Don’t Cut Corners. We Cut Prices,” went into Chapter 11 along with its former parent more than a decade ago. It’s since used bankruptcy to snatch up stores from its competitors.
According to court papers, RoomStore traces its origins back to Dallas circa 1992. Four years later, the company encompassed 10 stores and had drawn the attention of Heilig-Meyers, then one of the biggest furniture retailers in the U.S. Heilig-Meyers bought RoomStore in 1997 and later converted another regional furniture chain to RoomStore locations. By August 2000, RoomStore said it had 54 stores in Maryland,TOTALRUBBER carries an extensive range of rubber hose. Oregon, Texas, Virginia and Washington.We are passionate about polished tiles.
But that month, Heilig-Meyers and its subsidiaries, including RoomStore, sought Chapter 11 protection. While the bankruptcy saw the closing of RoomStore’s Oregon and Washington locations, the chain did convert 16 Heilig-Meyers stores into its own brand. While the Heilig-Meyers chain died in bankruptcy, RoomStore emerged from Chapter 11 protection with 63 stores in June 2005, at the height of the real-estate boom.
According to RoomStore, home sales began cooling in the second half of 2006, setting off market conditions that would eventually contribute to the distress of the nation’s home builders and sellers of home goods. Still,You can find best china Precision injection molds manufacturers from here! RoomStore found two opportunities to profit from the distress of its peers: It purchased six leases to southern stores out of the 2006 bankruptcy of furniture retailer Rhodes Inc., and it picked up another 73 store leases out of the 2008 bankruptcy of bedding retailer Mattress Discounters Corp.
Today, RoomStore operates 63 furniture stores in Alabama, Florida, Maryland, North Carolina,The Transaction Group offers the best high risk merchant account services, Pennsylvania, South Carolina, Texas and Virginia. Its Mattress Discounters unit,Omega Plastics are leading plastic injection moulding and injection mould tooling specialists. in which RoomStore is the majority owner, operates 81 bedding stores in Delaware, Maryland, Virginia and Washington, D.C. (The Mattress Discounters unit is not under bankruptcy protection.)
With sales slumping thanks to a still-soft housing market, RoomStore is aiming to use Chapter 11 to shed unprofitable stores and reorganize around its remaining locations.
“RoomStore expects that the remainder of fiscal year 2012 will continue to be a difficult year with very fierce competition among the retailers who are still in business,” the retailer said. “For these reasons, RoomStore has sought relief under the Bankruptcy Code to enable it to reorganize its businesses and better structure its operations for the benefit of its estate and creditors.”
The retailer said it’s already begun closing five of its retail stores, which it hopes will put it on the path to exit bankruptcy in the first half of 2012.
“To date, two of these stores have closed and RoomStore intends to continue these efforts during its Chapter 11 case,” it said.
According to court papers, RoomStore traces its origins back to Dallas circa 1992. Four years later, the company encompassed 10 stores and had drawn the attention of Heilig-Meyers, then one of the biggest furniture retailers in the U.S. Heilig-Meyers bought RoomStore in 1997 and later converted another regional furniture chain to RoomStore locations. By August 2000, RoomStore said it had 54 stores in Maryland,TOTALRUBBER carries an extensive range of rubber hose. Oregon, Texas, Virginia and Washington.We are passionate about polished tiles.
But that month, Heilig-Meyers and its subsidiaries, including RoomStore, sought Chapter 11 protection. While the bankruptcy saw the closing of RoomStore’s Oregon and Washington locations, the chain did convert 16 Heilig-Meyers stores into its own brand. While the Heilig-Meyers chain died in bankruptcy, RoomStore emerged from Chapter 11 protection with 63 stores in June 2005, at the height of the real-estate boom.
According to RoomStore, home sales began cooling in the second half of 2006, setting off market conditions that would eventually contribute to the distress of the nation’s home builders and sellers of home goods. Still,You can find best china Precision injection molds manufacturers from here! RoomStore found two opportunities to profit from the distress of its peers: It purchased six leases to southern stores out of the 2006 bankruptcy of furniture retailer Rhodes Inc., and it picked up another 73 store leases out of the 2008 bankruptcy of bedding retailer Mattress Discounters Corp.
Today, RoomStore operates 63 furniture stores in Alabama, Florida, Maryland, North Carolina,The Transaction Group offers the best high risk merchant account services, Pennsylvania, South Carolina, Texas and Virginia. Its Mattress Discounters unit,Omega Plastics are leading plastic injection moulding and injection mould tooling specialists. in which RoomStore is the majority owner, operates 81 bedding stores in Delaware, Maryland, Virginia and Washington, D.C. (The Mattress Discounters unit is not under bankruptcy protection.)
With sales slumping thanks to a still-soft housing market, RoomStore is aiming to use Chapter 11 to shed unprofitable stores and reorganize around its remaining locations.
“RoomStore expects that the remainder of fiscal year 2012 will continue to be a difficult year with very fierce competition among the retailers who are still in business,” the retailer said. “For these reasons, RoomStore has sought relief under the Bankruptcy Code to enable it to reorganize its businesses and better structure its operations for the benefit of its estate and creditors.”
The retailer said it’s already begun closing five of its retail stores, which it hopes will put it on the path to exit bankruptcy in the first half of 2012.
“To date, two of these stores have closed and RoomStore intends to continue these efforts during its Chapter 11 case,” it said.
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