Levitz Furniture is a nationwide network of American furniture stores that help create the "furniture warehouse" genre of retail furniture sales. It was in business for nearly 100 years before liquidating in bankruptcy in early 2008.
Video Levitz Furniture
History
Growth
The company was founded in Lebanon, Pennsylvania in 1910 by Richard Levitz.
In 1960, Levitz successfully pioneered the sale of branded furniture at a moderate price from a warehouse-style store. It suffered in the 1990s as consumers began to prefer showroom sales featuring spaces arranged to look like real rooms in homes. The chain continued to expand in 2005, when they acquired Seaman's Furniture and Huffman Koos store after bankruptcy.
Marketing
The shop is known for its slogan and jingle "You'll love it at Levitz."
Bankruptcy and liquidation
Levitz has been accused of going bad for more than a decade beginning in the 1990s. It declared Chapter 11 bankruptcy twice during the period, in 1997 and again in 2005, both times emerging after corporate restructuring and new outside support participation.
On December 21, 1998, Levitz announced it would close 27 stores and lay off 25% of its workforce. The company reduced its warehouse capacity from 65 to 17 sites.
The furniture market suffered a prolonged national decline after the September 11 attacks, and was wounded again in late 2007 by the 2007 subprime mortgage financial crisis. Levitz filed for bankruptcy for the last time in October 2007. At that time, it operated nearly 80 stores, mostly in the United States Northeast and on the West Coast, under the company PLVTZ LLC. In October 2008, Levitz Furniture, with bankruptcy approval, turned the Chapter 11 case into Chapter 7, and started a liquidation sale.
The company was sold in bankruptcy to a group of bidders, led by Hilco Merchant Resources, which acted to liquidate its inventory and close all remaining stores.
Maps Levitz Furniture
References
Further reading
- Fruhan, William E., Jr. (March-April 1980). "Levitz Furniture: A History of Cases in the Creation and Destruction of Shareholder Value". Journal of Financial Analyst . 36 (2): 25-32 34-40 42-45. JSTORÃ, 4478328.
See also
- Space Store
- Breuners Home Furnishings
Source of the article : Wikipedia
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