Daily News: January 6, 2012

BusinessWeek: Hilco to Liquidate 18 RoomStore Locations


The U.S. Bankruptcy Court in the Eastern District of Virginia (Richmond) granted approval for RoomStore Inc. to hire Hilco Group to conduct its going-out-of-business (GOB) sales at 18 locations, a BusinessWeek article said.

Seven of the company’s stores will be self-liquidated, the article added.

RoomStore is a 63-store furniture retailer. It filed for Chapter 11 protection in mid-December and announced plans to close 25 underperforming locations. Along with its filing, Wells Fargo Bank agreed to provide a $14 million DIP financing to support the company while in reorganization.

To read the BusinessWeek article in its entirety, click here.

Previously on abfjournal.com:

RoomStore Seeks Permission to Shutter 25 Underperforming Stores, Thursday, December 22, 2011