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Furniture Factory Chain Hits Ch. 11 With $13.5M Asset Bid

by scceu0388

Law360 (November 5, 2020, 10:56 AM EST) — The parent company of retailer Furniture Factory Outlet on Thursday filed for Chapter 11 protection in Delaware bankruptcy court with an up to $13.5 million stalking horse credit bid for its stores to the owner of the American Freight furniture chain.

In its first day motions, Arkansas-based Furniture Factory said a combination of COVID-19 store closures and supply chain problems had caused it to file for Chapter 11 with both debtor-in-possession financing and an asset bid from Franchise Group Inc.

Furniture Factory currently operates 31 furniture and mattress stores in Arkansas, Indiana, Kentucky, Missouri and Oklahoma with about 270 employees. According…

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