Today's Bedroom One in receivership
By Furniture Today Staff -- Furniture Today, March 23, 2009
INDIANAPOLIS — Indianapolis-based specialty furniture retailer Today's Bedroom One has been put into receivership after defaulting on loan payments of $2.39 million.
The action was taken this week by the Marion Circuit Court. The receiver is responsible for continuing operations or possibly winding down and selling the business.
The company, founded in 1978, has 16 stores in central Indiana.
Court papers say Today's Bedroom One owes more to Huntington Bank — its primary secured lender — than the stores are worth, according to an Indianapolis Star story. According to the report, the company missed payments on its line of credit in February and March and the bank asked that a receiver be appointed.
The store's Web site at www.todaysbedroomone.com acknowledged the company's financial troubles and said the receiver will make every effort to fill all open orders.
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