Upholstery maker Newport Furniture files Chapter 11
Larry Thomas -- Furniture Today, July 8, 2013
JACKSON, Miss. — Upholstery producer Newport Furniture has filed for Chapter 11 bankruptcy protection here.
The company, which is based in New Albany, Miss., and has exhibited at the Tupelo Furniture Market, estimated its assets at $1 million to $10 million and liabilities of $10 million to $50 million.
Court documents include a listing of its 20 largest creditors - most of which are suppliers of components and fabrics.
The largest creditor is a Shanghai-based company called Newport Furniture Co. (China), which is owed $7.17 million.
Other large creditors include American Global Logistics, which is owed $133,100; Consolidated Fibers, owed $123,785; and L8J products, owed $688,699.
L8J Products is owned by Larry Jackson, the owner of Sleeper Kraft, a supplier of sleeper mattresses and components. Sleeper Kraft is listed separately as a creditor that is owed $32,421.
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