Collezione seeks to sell remaining inventory, office
Bankruptcy court approves sale of warehouse
Larry Thomas -- Furniture Today, July 18, 2008
NEWARK, N.J. — After receiving bankruptcy court approval to sell its North Carolina warehouse, importer Collezione Europa is now seeking permission to sell its remaining inventory, warehouse equipment, and an office building in New Jersey.
The company, which has been operating under Chapter 11 bankruptcy protection since February, didn’t say in its latest court filing if it planned to remain in business after the sales are completed. The bankruptcy court here, however, has given the company a Sept. 29 deadline to file a reorganization plan.
Recent court filings say the company has received an offer of $1.6 million for an office building in Englewood, N.J., that houses its corporate headquarters. The court will hold an auction sometime in August to allow other potential bidders to submit an offer, and the sale is expected to close no later than Sept. 30, according to court documents.
Last month, the court approved the sale of its warehouse in Claremont, N.C., for $11 million. That sale was scheduled to close no later than July 31.
In addition, Collezione Europa is seeking court approval to sell the approximately $1.9 million worth of inventory remaining in the warehouse, as well as warehouse equipment and furniture.
In a court filing, the company said it has sold about $6 million worth of inventory since the Chapter 11 filing. However, it said the remaining inventory “consists of less desirable furniture, incomplete living room, bedroom and dining room sets, and other odds and ends.”
The company said it received two offers for a bulk purchase of the remaining inventory, but they were rejected because the purchase price wouldn’t have covered the storage, labor and other costs associated with the sale.
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Collezione seeks to sell remaining inventory
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