Third Time Might Be The Charm For Bankrupt Levitz

Law360, New York (November 12, 2007, 12:00 AM EST) -- With the mortgage crisis continuing to spin out of control, a troubled furniture maker has ducked into Chapter 11 again as the lender meltdown begins to trickle down to the home-based businesses.

On Thursday, Levitz Furniture revealed that it had filed a voluntary petition for reorganization in the U.S. Bankruptcy Court in the Southern District of New York, the third time the New York-based company has exercised this option in the last decade.

"The filing became necessary as a result of insufficient liquidity to support the...
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