Levitz Furniture Seeks Bankruptcy Protection Again
Home furnishings retailer Levitz Furniture yesterday sought bankruptcy court protection for the third time in just over 10 years in an effort to stay in business despite a lack of cash, the Associated Press reported yesterday. Levitz chapter 11 filing comes amid tough times for the furniture business, which along with homebuilders, construction suppliers and financial firms has been hit by the housing downturn. Forecasters expect U.S. consumer spending on furniture and bedding to grow by just 1.5 percent this year, making it the industry’s worst showing since 2001, according to a projection compiled by the trade journal Furniture Today. Levitz, previously known as Levitz Home Furnishings Inc., filed for chapter 11 protection in September 1997 and emerged in February 2001. During another entry into bankruptcy in October 2005, the New York-based company closed about 35 stores in the Northeast, California, Minnesota and Arizona.
See Also: Bankruptcy Phoenix

