Furniture Deals & Steals to surrender assets to pay creditors

Wisconsin store also faces consumer complaints

Furniture Today Staff -- Furniture Today, July 28, 2011

FORT ATKINSON, Wis. — The six-store Furniture Deals & Steals here will surrender its assets to pay off creditors rather than file for bankruptcy, according to a report by the Baraboo (Wis.) News Republic.

A judge-appointed Milwaukee attorney said in a press release that he's working with the company principals and lenders "in an attempt to satisfactorily resolve customer deposit and other pending claims," the story said.

A landlord for Furniture Deals & Steals' Baraboo, Wis., location told the paper that she was informed by her attorney the retailer is planning a going-out-of-business sale, hoping to raise the $475,000 it owes Anchor Bank.

Earlier this month the Wisconsin Bureau of Consumer Protection said it was investigating the retailer for possible violations of consumer protection law. A local story noted customers had contacted the state and the Better Business Bureau complaining about their purchases and deposits.

The retailer's website lists stores in Baraboo, Brookfield, Green Bay, Madison, Sheboygan and West Salem, Wis.