Clint Engel — Furniture Today,
\nCHICAGO \u00e2\u20ac\u201d A subsidiary of Ashley is acquiring the four Ashley Furniture HomeStores here after the owner ran
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\nout of the cash needed to run them, the manufacturer said.<\/p>\n
Rockledge Furniture, a subsidiary of Ashley, has agreed to purchase \u00e2\u20ac\u0153substantially all the assets of Slovy Enterprises\u00e2\u20ac\u009d and entered into new lease arrangements for all stores, the company said. The purchase price was not disclosed.<\/p>\n
The Slovy assets had been turned over to an \u00e2\u20ac\u0153assignee\u00e2\u20ac\u009d to act for the benefit of creditors, Ashley said in a statement.<\/p>\n
Ashley said Rockledge is developing a plan to add more HomeStores in Chicagoland, but didn\u00e2\u20ac\u2122t release details.<\/p>\n
\u00e2\u20ac\u0153We are very excited about the opportunities in Chicago,\u00e2\u20ac\u009d said Ashley Chairman Ron Wanek.<\/p>\n
The Slovy family, led by brothers Rick and Larry Slovy and their father, Barry Slovy, operated former Top 100 company Bay Furniture of Homewood Ill., as well as the Ashley stores here. Last year, the retailer turned over its Bay assets to an assignee\/trustee, who eventually brought in Great American Group to liquidate the chain.<\/p>\n
Shortly after the Bay stores were turned over, Larry Slovy said Bay \u00e2\u20ac\u0153just got in a little over our heads,\u00e2\u20ac\u009d and said economic conditions had made it \u00e2\u20ac\u0153tough doing business.\u00e2\u20ac\u009d<\/p>\n
The Ashley stores were a separate operation and were not involved in the Bay Furniture situation, but apparently Slovy Enterprises ran into similar problems with the HomeStores business.<\/p>\n
\u00e2\u20ac\u0153Slovy Enterprises, while confident in its ability to develop the Chicago market for Ashley Furniture HomeStores, found that its cost projections for fixed assets were incorrect,\u00e2\u20ac\u009d Ashley said. \u00e2\u20ac\u0153In developing alternative plans while attempting to service the entire market, they simply ran out of money.\u00e2\u20ac\u009d<\/p>\n","protected":false},"excerpt":{"rendered":"
Clint Engel — Furniture Today, CHICAGO \u00e2\u20ac\u201d A subsidiary of Ashley is acquiring the four Ashley Furniture HomeStores here after the owner ran<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-3747","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/3747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=3747"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/3747\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=3747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=3747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=3747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}