y Ylan Q. Mui
\nWashington Post Staff Writer<\/p>\n
Mastercraft Interiors Ltd., a furniture store based in Beltsville that specialized in 18th- and 19th-century reproductions, filed for Chapter 11 bankruptcy protection yesterday in the face of declining sales and changing consumer tastes.<\/p>\n
<\/p>\n
According to documents filed in federal bankruptcy court, the company has $10.6 million in assets. Liabilities total $25.5 million. Revenue fell by $5.2 million to $45.3 million last year.<\/p>\n
Mastercraft Vice President of Merchandising Carolyn Gomez, wife of owner and founder Douglas Gomez, said the chain’s four stores will continue operating during the bankruptcy proceedings.
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\nThe company employs about 150 people in Rockville, Annapolis, Fairfax and Alexandria and at a warehouse and clearance center in Beltsville. It recently closed its store in Leesburg.<\/p>\n
The company was founded in 1977 by Douglas Gomez and his brother Dan at a time when chain retailers such as Crate & Barrel and Pottery Barn had yet to dominate the market. Carolyn Gomez said that shoppers’ tastes have shifted away in recent years from Mastercraft’s traditional styles.<\/p>\n
The company’s largest creditor is Bank of America, which is owed $10.3 million on the company’s line of credit. Gomez said Mastercraft will be liquidated but gave no timeline.<\/p>\n
“It’s one day at a time,” she said.<\/p>\n","protected":false},"excerpt":{"rendered":"
y Ylan Q. Mui Washington Post Staff Writer Mastercraft Interiors Ltd., a furniture store based in Beltsville that specialized in 18th- and 19th-century reproductions, filed for Chapter 11 bankruptcy protection yesterday in the face of declining sales and changing consumer tastes. According to documents filed in federal bankruptcy court, the company has $10.6 million in […]<\/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-699","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\/699","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=699"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/699\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}