Online retailer GreatPricedFurniture.com in Chapter 7 bankruptcy
Clint Engel -- Furniture Today, February 22, 2012
WILMINGTON, N.C. — GreatPricedFurniture.com here, which billed itself as North Carolina's largest online furniture retailer, has shut down and filed for Chapter 7 bankruptcy protection, leaving customers and suppliers in the lurch.
In court documents filed Tuesday in U.S Bankruptcy Court in Raleigh, N.C., the company, owned by Fred and Caroline Rose, listed assets of $41,427, and debts of nearly $1.5 million.
Revenues last year were about $3.2 million, down from $3.6 million, the year before, the document showed.
"Due to a series of unfortunate and difficult circumstances, including the refusal of one of our major manufacturers to fulfill orders and the failure of a freight carrier stranding substantial orders in transit, GreatPricedFurniture.com has been left with no choice but to terminate its business operations," the company said on its website.
It added that it has been advised to "handle the situation" through the bankruptcy filings, saying a Chapter 7 trustee was being appointed to administer the assets and handle claims.
Fred Rose didn't return calls from Furniture/Today seeking comment.
Industry suppliers listed in the petition who are owed money include Lexington Home Brands, Hooker, American Drew, Lea, AICO and Stanley. Trucking companies owed money according to the document, include Reliable Trucking and Shelba D. Johnson Trucking.
Total unsecured claims totaled $1.4 million, and no one supplier appeared to be owed more than $47,000.
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