Terri's Consign & Design Furnishings closes
Phoenix retailer files for Chapter 7 bankruptcy
Clint Engel -- Furniture Today, June 11, 2010
The chain, led by Terri Bowersock, had grown to nearly $10 million in annual sales at eight stores in 2008 before it began consolidating. Court records show sales had decreased to $6.3 million last year and this year sales to date were nearly $3.7 million.
The bankruptcy petition estimates the number of creditors to be between 1,000 and 5,000. Assets are less than $50,001 and debts are estimated in range of $1 million and $10 million.
According to a report by The Arizona Republic, Bowersock said a month ago that the business "expanded too fast and was unable to cope with the economic downturn."
Some 600 Terri's customers may not get paid for more than $5 million worth of home furnishings consigned and sold at the store in recent months, the story said. Another 1,700 customers are stuck with furniture inside the locked stores.
During 31 years in business, Terri's and Bowersock have received much media attention, including appearances on "The Oprah Winfrey Show" and mentions in the Wall Street Journal, Money, Working Mother and other magazines. Bowersock has received the Phoenix Chamber of Commerce Athena Award recognizing female leadership, and her company has been featured on Furniture/Today's Beyond the Top 100 report.
Click here to read more in The Arizona Republic.
- Feb 8, 2013