Wickes files for Chapter 11
Auction could lead to sale or liquidation
By Clint Engel -- Furniture Today, February 10, 2008
Wheeling, Ill. — Wickes Furniture has filed for Chapter 11 bankruptcy protection and is moving quickly toward an auction of its assets later this month.
The Top 100 company filed for bankruptcy Feb. 3 after a failed attempt to get enough vendors to accept a proposal to defer payments on past-due debt until July 2009. The move follows a year of rapid expansion but poor results for the retailer.
In court documents, Wickes said it filed for protection "in order to obtain the financial flexibility" to pursue a fast transaction, ranging from sale as a going concern, to an investment in the business, to liquidation. The company employed about 1,459 people and operates 43 stores in greater Chicago, Los Angeles, Portland, Ore., and Las Vegas.
Industry sources, including a former corporate Wickes employee, have told Furniture/Today that the retailer released most of the
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