Seattle-based Underhill's closing stores
By Clint Engel -- Furniture Today, February 9, 2009
SEATTLE — Family-owned Underhill's Furniture is closing all four of its area stores here, citing an economic slump and the global credit crunch.
The stores, led by CEO Tom Underhill, will begin going-out-of business sales Feb. 3, said Sue Bowden, the retailer's controller. The in-house sales will run through the end of March. She would not disclose projected sales.
Underhill's also will close its 55,000-square-foot distribution center.
Bowden said the widespread credit crunch has made it difficult for consumers to secure financing. In addition, the weak economy has restricted the retailer's own credit line.
“People aren't buying,” she said. “The credit market tightened up. The combination has been deadly to a lot of retailers, especially furniture retailers, because we've been feeling this for almost two years now.”
Underhill's son Josh Underhill plans to take one of the locations that is closing and open a separate new business in April, called Josh Underhill's Family Furniture.
Tradewins, a furniture importer also owned by Tom Underhill, remains in business and is expected to show again at this week's Las Vegas Market.
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Underhill's Furniture in Seattle closing four stores
Jan 14, 2009
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