Huffman Koos, a tristate-area furniture dealer, has filed for Chapter 11 bankruptcy and plans to liquidate its assets.
The company, which has 20 showrooms in New York, New Jersey and Connecticut filed its petition today, declaring more than $100 million in assets and more than $100 million in liabilities. The company, which started as a family business in 1917 in Rahway, N.J., was bought by Breuners Home Furnishings Corp. of Lancaster, Pa., in the mid-1990s.
Unsecured creditors include Martha Stewart Signature Collection, whose furniture line is sold at Huffman Koos. According to the filing, the company is owed $258,661. Local creditors include JL Media of Union, N.J., which is owed $975,584; and Excelsior Merchandise Ltd., of North Amityville, L.I., which is owed $303,866. The largest unsecured creditor is Broyhill Furniture of Charlotte, N.C., which is owed $5.5 million.
Ouch, that had to hurt the companies listed (unless they had business credit insurance).
Business Credit Insurance
No comments:
Post a Comment