New owner of formerly bankrupt furniture chain relaunches brand

High inflation, rising rates of interest, supply chain issues, and changing consumer attitudes within the course of the last year have financially impacted furniture chains, forcing a couple of shops to file financial disaster and shut stores in some cases.

The parent company of upscale furniture and residential decor retailer, Z Gallerie, which operated 21 stores in 9 states, on Oct. sixteen, 2023, filed for Chapter eleven financial disaster protection as supply chain and import cost increases in 2021 and 2022 severely impacted its brand profitability and cash position.

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Furniture and mattress retailer The RoomPlace on Feb. 2, 2024, filed for Chapter eleven financial disaster within the U.S. Economic ruin Court for the Northern District of Illinois to restructure its debts and shut a couple of of its stores, blaming declining retail sales across the country and other challenges within the furniture industry.

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The Lombard, Sick., furniture retail chain with 26 locations closed six stores within the Indianapolis area, one in Kenosha, Wis., and one in Peoria, Sick., and planned to give attention to strengthening its remaining 18 stores in Chicagoland.

Unable to secure crucial financing to continue business operations, upscale furniture chain Mitchell Gold + Bob Williams ceased operations on Aug. 26, 2023, and closed 27 stores in 14 states. It consequently filed for Chapter eleven financial disaster on Sept. 6, but later converted its case to Chapter 7 liquidation on Oct. 6.

The corporate had also operated about forty virtual stores and six brick-and-mortar outlet locations.

The corporate's interim CEO, who had been in that position for four months, said in a WARN letter to the state on Aug. 26 that the corporate “recently and without notice learned” it didn’t come up with the money for to maintain its doors open.

The corporate, which changed into purchased by Stephens Group in 2014, had recently made a $20 million investment within the logo, in step with a report from Retail Dive.

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“Unfortunately, shortly after this restructuring, the corporate’s lender withdrew its improve, forcing Mitchell Gold + Bob Williams to cease operations,” the firm said in a written statement on its web site.

Over Five hundred those who worked on the corporate's campus were let go without delay on the time of the abrupt closure.

Mitchell Gold + Bob Williams furniture brand relaunches

Home furnishings and design company Surya on Nov. 14, 2023, completed the acquisition of the Mitchell Gold + Bob Williams intellectual property, inventory, and manufacturing equipment in a financial disaster sale, with plans to restart manufacturing and assembly on the 35-year-old company's Statesville, Hiddenite and Taylorsville, N.C.facilties.

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Surya said it'd reintroduce the logo as a trade-simplest partner, readily on hand to leading interior designers and design-driven retailers. The corporate even hired co-founder Mitchell Gold as an adviser on its fall product lineup.

Surya on Aug. 5 rolled out 50 iconic Mitchell Gold + Bob Williams upholstered furniture pieces readily on hand in over 200 configurations for designers to purchase on the corporate's web site.

The corporate will relaunch the logo at High Point Market in its showroom on the International Home Furnishings Center in High Point, N.C., Oct. 24-30 at 8 a.m. to eight p.m., in step with its web site.

In approving the sale of the name and intellectual property of Mitchell Gold + Bob Williams in 2023, a federal judge had signed off on a deal that enabled plenty of the corporate's customers to take delivery of orders that had been frozen within the course of the financial disaster case.

Ryder had been holding about 2,000 deliveries that Mitchell Gold + Bob Williams had now not paid to be shipped. The delivery company had charged the furniture maker and retailer every day fees for storing those undelivered orders.

This impasse put customers in an very not really position. They'd paid for delivery but their money had now not been sent to Ryder. Under a court-approved deal, those customers had the technique to pay Ryder to deliver their items, and the shipping company would waive the storage charges.

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