By RANDY DIAMOND The Tampa Tribune
\nTAMPA – The Storehouse furniture chain is liquidating and closing its 71 stores
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\nnationwide, 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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The chain, which has almost 900 employees, will lay off all workers after the liquidation.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“It’s a good deal,” he said.<\/p>\n
Researcher Melanie Coon contributed to this report. Reporter Randy Diamond can be reached at (813) 259-8144 .<\/p>\n","protected":false},"excerpt":{"rendered":"
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