By RANDY DIAMOND The Tampa Tribune
TAMPA – The Storehouse furniture chain is liquidating and closing its 71 stores


nationwide, including locations at Hyde Park Village and Westfield Citrus Park mall in Tampa. The move comes after its parent company failed to meet a deadline Friday to find a buyer for the chain.

The store’s parent, Rowe Cos., of McLean, Va., filed for Chapter 11 bankruptcy protection last month. Rowe announced it would seek to sell the Storehouse chain, but a buyer never stepped forward.

Storehouse executives did not return calls for comment. Executives quoted by The Washington Post and Atlanta Journal Constitution said the chain was plagued in recent months with a sales downturn, largely tied to computer system problems delaying upholstered furniture deliveries.

Storehouse will stay open for nine weeks, according to Hudson Capital Partners, a liquidation company. Hudson bought $60 million in inventory for $17.5 million last week, President James Schaye said.

Hudson Capital hopes to generate sales of $30 million or more from the liquidation, Schaye said. Once rent, utilities and employee salaries are paid, his company’s profit will be “pennies on the dollar,” he said.

The chain, which has almost 900 employees, will lay off all workers after the liquidation.

Furniture, artwork and other home accessories were discounted 15 percent to 30 percent. Prices will be reduced during the nine weeks by as much as 90 percent, Schaye said.

Tampa lawyer Hugh Marthinsen used a day off Monday to shop. Marthinsen said he had purchased a $3,000 dinning room set from the store three months ago and was impressed with the quality. On Monday, he bought a mahogany bookcase discounted from $149 to $118 at Storehouse in Hyde Park.

“It’s a good deal,” he said.

Researcher Melanie Coon contributed to this report. Reporter Randy Diamond can be reached at (813) 259-8144 .