![]() January began with mattress maker Serta Simmons Bedding, owned by private equity firm Advent International, filing a Chapter 11 petition. Thus far this year, there’s been no shortage of bankruptcy participants in the hard-hit home sector. The home furnishings category has carried the highest default risk across retail since 2021, according to data from S&P Global Market Intelligence. The Chapter 11 petition listed assets and liabilities each at between $50 million to $100 million. For now, the company has secured a $1.1 million debtor-in-possession financing facility from ZG Lending SPV to keep the lights on. If Stump fails to find a buyer, Fetterman said Z Gallerie will be liquidated and its stores will be shuttered. as its investment banker to find a buyer. He added that the company plans to hire M&A advisory firm Stump & Co. “Needless to say, macroeconomic trends have significantly impacted the Debtor’s business in the second half of 2023 and has had negative consequences for many in the Debtor’s line of business,” Fetterman said. SJ Fall Summit: AG CEO Glenn McMahon Plots International, Domestic Expansion He attributed the underperformance of the bankrupt retailer’s store network to rising interest and mortgage rates as consumers put off buying homes. But he also said the stores have higher overhead, adding to liquidity constraints that were compounded by higher supply chain and import costs in late 2021 and into 2022. E-commerce sales in 2022 accounted for more than 50 percent of all sales, he said, adding that the online operation remained fairly consistent in its proportion of sales relative to physical stores since the 2019 acquisition. Z Gallerie’s chief financial officer Robert Fetterman said in a court document that the home chain has 21 retail doors across nine states, as well as an online presence. It was acquired by private equity firm Brentwood Associates in 2014. The business began in 1979 as a family-owned operation that grew to more than 75 stores. The retailer filed its first Chapter 11 petition in 2009. Z Gallerie was sold to DirectBuy, an affiliate of CSC Generation Holdings, during its second tour of bankruptcy proceedings in 2019. The Chapter 11 filing was by DirectBuy Home Improvement Inc., which does business under the Z Gallerie banner. The upscale furniture and home decor retailer landed in bankruptcy proceedings for the third time on Oct. Z Gallerie has joined a rare, but ignominious group of retail banners. WGAL: Lancaster man convicted of first-degree murder in convenience store shootingCarlos Almanzar-Torres faces a mandatory life sentence without parole.ĬOİNTELEGRAPH: Circle launches ‘points-to-crypto’ program with Taiwan convenience store chainFamilyMart’s FamiPoints have reportedly attracted over 17 million members nationwide, while BitoGroup claims a membership base of around 800,000 users.įOX29PHİLLY: Employee shoots and kills armed robber in Southwest Philadelphia convenience store: policeA store employee turned that tables in an armed robbery that ended with a suspect being shot dead overnight in Southwest Philadelphia.The clouds over the home furnishings sector don’t appear to be lifting anytime soon. store clerk: reportsThe thief was shot after he went behind the Philadelphia store's counter to access the cash register. PENNLİVE: Would-be thief stuffing pockets with cash shot and killed by Pa. WRTV: Hogsett announces plans for new IACS shelter location, plans at Sherman Park fall throughJames Howell joined WRTV as a digital content producer in March 2022. VARİETY: 'Chucky' Midseason Finale: Don Manicini on Nia Vardalos, Sarah Sherman'Chucky' creator Don Mancini breaks down Season 3's midseason finale - Chucky's in trouble, and all those cameos. Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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