National Wholesale Liquidators files Chapter 11
Retailer's diverse line includes furniture
Clint Engel -- Furniture Today, 11/13/2008 7:25:25 AM
WEST HEMPSTEAD, N.Y. — Discount retailer National Wholesale Liquidators has filed for Chapter 11 bankruptcy protection, another victim of the credit squeeze.
The company, with about 50 stores in the Northeast and Midwest, sells everything from clothing to electronics to furniture.
It filed in U.S. Bankruptcy Court in Wilmington, Del., listing both assets and debts of more than $100 million. No furniture manufacturers are listed among its top 20 unsecured creditors, owed nearly $13 million, but sources say its product line includes upholstery, bedroom, dining room and other home furnishings categories.
"It's really a bank financing issue," Robert Pidgeon, director of personnel, told the Long Island newspaper Newsday. "We are caught in the credit crunch of the world."
Click here to read the Newsday story.
