By Larry Thomas and Jay McIntosh -- Furniture Today, March 9, 2008
Newark, N.J. —
Furniture importer Collezione Europa has filed for Chapter 11 bankruptcy protection, citing a sharp drop in sales after the failures of two of its biggest retail customers, Rhodes and Levitz.
Collezione said in the Feb. 29 filing that it owed more than $5.2 million to its largest unsecured creditors.
In court documents, the company said its sales declined from about $120 million in 2004 to $74 million in 2007. It blamed the rapid drop partly on the bankruptcies of two key customers, Atlanta-based Rhodes Furniture and New York-based Levitz.
Collezione said it had a net loss of about $7 million last year and that its lender has declared it in default of a covenant on its revolving credit loan.
The bankruptcy filing also includes two affiliated companies, Kelly Road Warehouse and 145 Cedar Lane Associates, both of which
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Here is a sampling of some of the stylish new products catching dealers' eyes at the October High Point Market. For more coverage, see Furniture/Today's Nov. 2 print issue. When you're done viewing the photos in this Slideshow, more images of hot introductions also are available on the Furniture/Today Web site by clicking here.
The High Point Market is marking its 100th anniversary this April.
To help celebrate this milestone, Furniture/Today presents some pictorial
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