Z Gallerie in Chapter 11
-- Home Textiles Today, 4/13/2009 1:46:00 PM
Gardena, Calif. – Home furnishings retailer Z Gallerie filed for Chapter 11 bankruptcy protection at the U.S Bankruptcy Court for the Central District of California in Los Angeles.
The company said in statement that it was reorganizing to remove the liability from 22 leases associated with store closings and an Atlanta distribution center closing the company had announced in February.
“In light of current conditions, our company has had to make some difficult decisions,” said Mike Zeiden, cfo and co-founder.
The 30-year-old company plans to pay vendors who do business with it going forward on an administrative priority basis for all goods and services received on or after the April 10 filing date. Z Gallerie is being advised by turnaround managers Broadway Advisors LLC and bankruptcy counsel Pachulski Stang Ziehl & Jones.
The privately owned company employs about 900 people.
It's not going to end here... We'll see more of such instances this year.
Suppliers - Beware!!! Keep your eyes and ears wide open and think 10 times before saying yes to open credit terms. The insurance companies can't do anything for the payments against canceled purchase orders!!!
A burnt supplier!!! - 2009-04-14 02:12:00 EDT
Suppliers - Beware!!! Keep your eyes and ears wide open and think 10 times before saying yes to open credit terms. The insurance companies can't do anything for the payments against canceled purchase orders!!!
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Z Gallerie emerges from Chapter 11 bankruptcy
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Apr 7, 2011 -
Domain seeks speedy auction in bankruptcy court
Jan 23, 2008 -
Fortunoff Enters 'Chapter 22'
Feb 9, 2009
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