La-Z-Boy sues former Kincaid retailers, liquidator
By Furniture Today Staff -- Furniture Today, March 2, 2008
Greensboro, N.C. — La-Z-Boy is suing the owners of three former Philadelphia-area Kincaid Home Furnishings stores and liquidator M.G. Smith, charging that the companies and their owners owe La-Z-Boy about $1.3 million.
The suit, filed Feb. 8 in Guilford County Superior Court here, said that during the liquidation of the stores in 2006, the defendants failed to maintain accurate records of items such as receipts, disbursements for the costs of the sale, and proceeds received.
The suit names liquidator M.G. Smith and its principal Michael Smith as defendants along with Sarit Kadakia and Neel Kadakia, the owners of the former Philadelphia-area Kincaid stores as well as Philadelphia's Grossman Better Furniture.
Smith could not be reached for comment and Sarit Kadakia declined to comment. Dave Carpenter, director of credit service for La-Z-Boy in High Point, said he couldn't comment on pending litigation.
Previously, Sarit Kadakia told Furniture/Today that the Kincaid closings were brought on by factors such as tough business conditions, low consumer confidence and higher operating expenses, and indicated that La-Z-Boy forced the closings.
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La-Z-Boy sues store owners, liquidator
Feb 26, 2008
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