The RoomPlace is closing stores in Illinois, Indiana and Wisconsin after announcing a Chapter 11 bankruptcy restructuring on Friday, according a news release from Furniture Today.
The RoomPlace is a Chicago-based furniture retailer that has been in operation since 1912 and is restructuring in an effort to “align its costs with its projected sales and economic realities,” according to the release.
Noting declining sales across the country, the landscape for furniture retailers has been particularly challenging, according to The RoomPlace CEO Bruce Berman.
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Here’s what you need to know:
Is The RoomPlace filing for chapter 11 banckruptcy?
Yes, according to Furniture Today.
“What was once viewed as taboo is now a strategic way to realign and strengthen a business,” Berman said in a statement to Furniture Today. “We’re making the tough decisions now to ensure we’re around for another 100 years.”