— Furniture Today,
\nLONDONDERRY, N.H. \u00e2\u20ac\u201d Youth and casual furniture specialist Sunset Trading has filed for Chapter 11 bankruptcy protection but plans to remain in business, according to a report in the New Hampshire Business Review.
\n
\n\t\t
\nThe report said that Sunset Trading parent GPS Furniture International has some $1.2 million in receivables and owes $1.6 million to Wells Fargo Bank, $203,000 to CIT and $566,000 to company CEO Gary Chase. The report said the company also has another $1 million in unsecured claims.<\/p>\n
The report said that GPS received court approval for Wells Fargo to release about $500,000 so it could pay its workers and also pay for inventory held in containers in Worcester, Mass.<\/p>\n
GPS President Harry Leighton told the paper that the company suffered a setback when high antidumping duties on bedroom furniture were applied to two Chinese source factories. Several customers switched to other suppliers, the report said.<\/p>\n
Leighton also told the paper that the furniture business is suffering because of a slowdown in the housing market as well as competition from big-box retailers such as Wal-Mart and Ikea.<\/p>\n
GPS started in 1988, primarily as a waterbed, futon and master bedroom resource. It acquired Sunset Trading in 1997.<\/p>\n
Leighton and Gary Chase purchased Sunset Trading from business partners Kenneth Smith and Gary Stanieich in 2012. At the time, the company said 70% of its revenues were in casual dining, with the remainder in youth and juvenile furniture. The company ultimately sought to grow its youth business, largely through an in-stock, quick ship warehousing program.<\/p>\n
Leighton was unavailable for comment early Wednesday, when the New Hampshire Business Review article was first posted online.<\/p>\n","protected":false},"excerpt":{"rendered":"
— Furniture Today, LONDONDERRY, N.H. \u00e2\u20ac\u201d Youth and casual furniture specialist Sunset Trading has filed for Chapter 11 bankruptcy protection but plans to remain in business, according to a report in the New Hampshire Business Review.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4265","post","type-post","status-publish","format-standard","hentry","category-furniture-indonesia-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4265","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=4265"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4265\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=4265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=4265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=4265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}