Rhodes to close 26 stores

Engel, Clint
November 2004
Furniture/Today;11/8/2004, Vol. 29 Issue 9, p1
Trade Publication
The article focuses on Rhodes Furniture Co., which filed for Chapter 11 bankruptcy protection act in October 2004. It plans to close 26 of its weakest stores and reorganize with $88 million in debtor-in- possession financing. The 89-store Atlanta-based retailer filed in U.S. Bankruptcy Court, saying that it owed its top unsecured creditors at least $ 16,8 million. Total assets and debts were each estimated at more than $100 million, according to a court filing. Rhodes said its business leading up to the filing was affected by waning vendor confidence and a series of hurricanes that hit the Southeast this year. INSET: Rhodes creditors.


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