Wednesday, October 12, 2005

Goodbye Neighbor!

Two furniture retailers in trouble!

Two weeks ago Martin Scott Ltd. on Macadam avenue, in Portland, announced a "going out of business" sale. I don't know what happened to them. They were good neighbors and we will miss their competition. Rumors are that they may reopen in The Pearl under another name.

FURNITUREToday brings news of Levitz filing for Chapter 11. Mike remembers when they went public many years ago.

The 121-store Top 100 company filed in the Southern District of New York and said it has arranged for $90 million in debtor-in-possession financing. The financing package is led by GE Commercial Financing and includes an incremental credit line of $25 million from Prentice Capital Management.

[...]

While the company didn’t refer to store closings in its press release, J.B. Davis, president and CEO of key suppler Klaussner said he believes the plan is to eventually close 60 to 65 stores as part of the reorganization process.

That's the sad part in these closings; the harm to the employees and all of the people dependent on these businesses.

Operating a business is not easy. There are a lot of decisions to be made when you run your own business and good business guidelines to follow. I am humbled by the trust people have shown in me and grateful for the help of bookkeeper Helen Pilgrim, and our CPA Kim Wilcox.

Bev & Mike

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