Carl's exits bankruptcy
Clint Engel -- Furniture Today, October 29, 2012
COCONUT CREEK, Fla. - South Florida retailer Carl's Furniture officially exited Chapter 11 bankruptcy protection this month and is now looking to expand.
Jeff Baker, CEO of the former Top 100 company, said Carl's is evaluating real estate for a fourth store, either in its existing southeast Florida market or southwest Florida. He said he would like the space to be about 50,000 square feet.
Baker said business has been strong for the upper-middle to high-end retailer, up double digits from a year ago. But he couldn't give a projected sales volume for the year.
Carl's filed for bankruptcy in May 2011, listing assets of $6.1 million and debts of $9.1 million. It emerged with three Florida stores following confirmation of its reorganization plan, under which unsecured creditors received 8.5 cents on the dollar.
Baker said all of Carl's customer deposits were honored in full toward the furniture they had purchased before the filing.
"It was not a pleasurable experience to go through bankruptcy, and I want to thank the vendors who have stuck with us through it," Baker said. "We will continue to reward (them) with our loyalty."
Key suppliers for the retailer today include Natuzzi, Man Wah/Cheers, Klaussner, Folio 21, Century, American Drew, Sealy and Stearns & Foster.
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