THOMASVILLE, N.C. — Another 14 Thomasville Furniture retail stores, none in North Carolina, are slated to be closed in the next 60 days by its bankruptcy parent company, Furniture Brands International Inc, according to trade publication Furniture Today.
The publication based its report on an e-mail sent to company employees by Kathy Veltri, who was named recently as president of Thomasville Furniture Industries Inc.
The company has closed a store in High Point as part of shutting five company-owned stores in the first restructuring phase.
According to the Veltri e-mail, four stores will be closed in Florida, two in Connecticut and one each in Michigan, Minnesota, Missouri, Nevada, Oregon, Pennsylvania, Virginia and Wisconsin.
Furniture Brands, which entered Chapter 11 bankruptcy protection Sept. 9, has secured approval from a bankruptcy judge for immediate access to $25 million in funding from Oaktree Capital Management LP.
The company said the private-equity group led by Oaktree is requesting permission to provide $140 million in debtor-in-possession financing. In return, Furniture Brands would sell all of its businesses, excluding Lane Furniture, to Oaktree.
A hearing has been set for Oct. 2 to determine the auction bidding procedures.
Credit: The Winston-Salem Journal