PORTLAND, Ore. (KOIN) — Most of the employees at Portland’s Schoolhouse Electric were laid off this week.
The home goods retailer announced in May that it planned to sell its century-old building in Northwest Portland. While they originally planned to remain open during the sale process, a company spokesperson told KOIN 6 News on Friday they were forced to cut staff and expenses earlier than expected.
Award-winning North Portland bakery to close original location
“The company experienced a series of unforeseen events, including the loss of support from its secured lender, Avidbank, which created immediate challenges related to funding, access to capital, and liquidity,” a spokesperson told KOIN 6 News. “As a result, the company made the difficult decision to reduce staff and expenses while continuing to pursue a sale.”
Schoolhouse was founded in 2003 by Portland-native Brian Faherty. He sold the company to Brooklyn-based lifestyle brand Food52 in 2021 for $48 million, according to a press release…