Lane furniture store in Merced, Calif., to close
Furniture Today Staff -- Furniture Today, February 12, 2014
MERCED, Calif. — The Lane furniture store here is closing, with the owner citing a poor real estate market and the manufacturer's bankruptcy, the Sacramento Bee reported.
Jason Tucker, who is also the store's general manager, told the Bee that the area's housing market crash has been hard on business. He also said the September bankruptcy of Furniture Brands International had slowed the supply of inventory to retailers.
"The management determined that closing the store was the best way to address the corporate bankruptcy and the local economic challenges," Tucker said in a news release. "It was a difficult decision."
In November, after filing Chapter 11, Furniture Brands sold most of its assets to an affiliate of New York-based KPS Capital Partners, which formed a new company, Heritage Home Group, to control those assets including furniture brands such as Lane.
Tucker told the Bee that his store, which was supported by the national chain before the sale, is no longer and that created a hardship for his location.
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