House2Home set to close
By Furniture Today Staff -- Furniture Today, November 11, 2001
Irvine, Calif. — House2Home, a fledgling West Coast home decorating superstore chain, filed for Chapter 11 bankruptcy protection last week and said it plans to liquidate.
The move ends an attempt, begun in September 2000, to convert home improvement chain HomeBase into a retailer focused on outdoor and indoor living, home decor and accessories, and seasonal goods.
House2Home had completed the conversion of 42 stores, beginning with a five-store test in Southern California and Nevada. The company rolled out 37 more stores this summer, including units in Arizona. Stores were in the 100,000-square-foot range.
Furniture offerings had been expanded and key suppliers included Ashley, Klaussner, Linon, O'Sullivan, Powell and Simmons. Shaw was a key supplier in rugs.
Shaw and O'Sullivan are among the top 20 unsecured creditors listed in the bankruptcy filing, with claims of $203,591 and $199,643, respectively.
Sales fell sharply after the Sept. 11 terrorist attacks, exacerbating an already difficult retail environment, the company said.
"We had high hopes for House2Home and still believe the concept would have been successful under different economic circumstances," said Herbert Zarkin, chairman and chief executive officer.
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