Retailer decoration at home for bankruptcy cites lower tariffs and spending
Home decor retailer filed for bankruptcy, saying lower spending and increased tariffs are affecting the bottom line.
Scripps News
He filed bankruptcy last month at his home, saying he would close 26 “low-performing” stores by fall. Currently, the retail chain has announced that two of these stores are open.
The Coppel, Texas-based furniture and home decor retailer filed for Chapter 11 bankruptcy on Monday, June 16th, as a result of “broader economic and retail-specific market pressures.” Bankruptcy and store closures follow other “big box” retailers tracked this year, including Big Lot, Joan Fabric, Coles, JCpenney, Macy’s and Party City.
The company employed around 7,170 employees when it filed for bankruptcy protection.
Here’s what you need to know about canceling two store closures:
Where in your home do you leave it open?
The following stores in New Jersey and Wisconsin are open:
- 3201 Mayfair Road, Wauwatosa, Wisconsin
- 301 Nassau Park Boulevard, Princeton, New Jersey
Which of the home stores is closed?
The next store will be closed by September 30th of this year.
- 6135 Junction Boulevard, Lego Park, New York
- 300 Baychester Avenue in the Bronx, New York
- 750 Newhall Drive, San Jose, California
- 2505 Royal Camino in Tustin, California
- 14585 Biscayne Boulevard, North Miami, Florida
- 2200 Harbour Boulevard in Costa Mesa, California
- 3795 E. Foothills Boulevard, Pasadena, California
- 1982, E. 20th St. in Chico, California.
- 2820 Highway 63 South in Rochester, Minnesota
- 26532 Town Center Drive, Sweets AB, Foothill Ranch, California
- 1001 E. Sunset Drive, Bellingham, Washington
- 8320 Delta Shores Circle South, Sacramento, California
- 1361 NJ-35 Middletown Township, New Jersey
- 2900 N. Bellflower Boulevard, Long Beach, California
- 720 Claireton Avenue, Pittsburgh, Pennsylvania
- 2530 Rudkin Road, Yakima, Washington
- 571 Boston Turnpike in Shrewsbury, Massachusetts
- 5203 W. War Memorial Drive in Peoria, Illinois
- 8300 Sudley Road, Manassas, Virginia
- 461 Route 10 East in Ledgewood, New Jersey
- 300 Providence Highway in Dedham, Massachusetts
- 905 S 24th St. West, Billings, Montana
- Compass Creek Parkway, Leesburg, Virginia
- 13180 S. Cicero Ave. Crestwood, Illinois
Why did you file for bankruptcy from home?
Court documents said concerns have risen over unsustainable customs costs resulting from rising interest rates, “sustainable inflation” and increased work from home. As a result, six of our homes have already closed their stores in the past year.
“Given the costs associated with brick-and-mortar store operations and the issues affecting the retail industry, many remaining stores (at home) operate at optimal performance levels,” the court document revealed.
As part of the bankruptcy filing, ownership at home has been transferred to a group of hedge funds and investment companies based in New York City and San Francisco, and is outlined in a news release.
