Clint Engel
\nHOMEWOOD, ILL. \u00e2\u20ac\u201d Bay Furniture, which has been searching for a going-concern buyer while running a cash-raising sale, appears to be calling it quits instead.
\n
\nA trustee for the Chicagoland retailer, which was co-owned by brothers Rick and Larry Slovy and their father, Barry Slovy, is running a going-out-of-business sale, according
\n
\nto news reports. It is selling Bay\u00e2\u20ac\u2122s assets, including the home office location and the remaining inventory at its six stores in Illinois and Indiana.<\/p>\n
Earlier this year, shareholders and directors of the struggling Bay brought in management advisory firm Rally Capital Services of Chicago to lead the company. Rally then hired liquidator Great American Group to run cash-raising sales.
\nBay conveyed all its assets to Rally co-founder Howard Samuels as assignee\/trustee for the purpose of liquidating them for the best price. There were no plans to file for bankruptcy protection, Larry Slovy said.<\/p>\n
In an April e-mail to Furniture\/Today, Samuels said that if the cash raising sale \u00e2\u20ac\u0153does not achieve the intended objective of finding a going-concern buyer,\u00e2\u20ac\u009d he intend to conduct a GOB through Great American.<\/p>\n
Great American President Jeff Yellen could not be reached immediately for comment. Rally referred questions to associate Abby Samuels, who did not call back.<\/p>\n
In April, Larry Slovy said Bay had gotten in \u00e2\u20ac\u0153a little over our heads,\u00e2\u20ac\u009d and that business conditions were tough. Samuels had referred to a \u00e2\u20ac\u0153demonstrative change of customer preferences for design and service\u00e2\u20ac\u009d as among Bay\u00e2\u20ac\u2122s problems in the email. Sales were declining and there had been operating losses for more than two years, he said.<\/p>\n
Local news report said Bay reported assets of about $11.2 million and debts of about $14.4 million in an April letter to creditors. General and unsecured creditors were owed $6.78 million, and it was unclear what their recovery would be.<\/p>\n
Bay, a former Top 100 company, had estimate furniture, bedding and accessories sales of $63.2 million in 2004.<\/p>\n","protected":false},"excerpt":{"rendered":"
Clint Engel HOMEWOOD, ILL. \u00e2\u20ac\u201d Bay Furniture, which has been searching for a going-concern buyer while running a cash-raising sale, appears to be calling it quits instead. A trustee for the Chicagoland retailer, which was co-owned by brothers Rick and Larry Slovy and their father, Barry Slovy, is running a going-out-of-business sale, according<\/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-875","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\/875","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=875"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/875\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}