Subprime Crisis Lands Furniture Retailer In Ch. 11

Law360, New York (February 4, 2008, 12:00 AM EST) -- National furniture retailer Wickes Furniture Co. Inc. has filed for bankruptcy protection, saying a downturn in sales in the past year pushed the company into Chapter 11.

On Sunday, the furniture retailer and its parent company, Wickes Holdings LLC, filed voluntary petitions for Chapter 11 with the U.S. Bankruptcy Court for the District of Delaware, listing assets of $190 million and $208 million in total liabilities.

The Wheeling, Ill.-based company was founded in 1971. Since then, it has grown to 43 showrooms and four distribution centers...
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