Sources say Nationwide to liquidate
Mattress, furniture retailer has about 39 stores in East
By Furniture Today Staff -- Furniture Today, January 29, 2008
NORCROSS, Ga. — Nationwide Mattress and Furniture Warehouse, one of Sun Capital Partners’ earliest industry acquisitions, is set to be liquidated, according to industry sources.
The highly promotional chain, with an estimated 39 stores in 14 states east of the Mississippi River, was cut off by Sun Capital, a private equity fund that acquired Nationwide out of bankruptcy in 2002, said a key supplier to the retailer who asked not to be identified.
Steve Glucksman, Nationwide president, initially declined to comment to Furniture/Today and then could not be reached. A Sun Capital representative did not return calls seeking comment.
The supplier source said he believed liquidators would take over operations in about a week.
Jeff Yellen, president of Great American Group’s furniture division, confirmed his company was handling the liquidation, but declined further comment.
Nationwide was once a Top 100 company — then known as Nationwide Warehouse & Storage — with more than 160 stores in the United States and Canada at the end of 2000. Sun Capital acquired the majority stake in a trimmed down 63-store Nationwide in 2002 in a deal valued at $10.7 million.
Wheeling, Ill.-based Wickes Furniture, another early Sun Capital buy, also has been struggling and recently sent asks its suppliers to sign a “vendor modification agreement,” that would defer payments of past-due debt for 18 months. The letter said a new $10 million equity investment, hinged on the concessions.
Several industry sources have told Furniture/Today they believed the money was to come from Sun Capital, although Sun has not confirmed that.
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