Posted on Wednesday, December 28th, 2011 at 11:43 pm
The furniture retail store, The Room Store, has announced that they have filed for bankruptcy petition and is planning to reorganize the business throughout the filing process in order to become more profitable.
The Room Store was founded in Dallas, Texas in 1992 and has locations in five different states across the U.S. In 1997, the store was bought out by Heilig-Meyers. This company then filed for Chapter 11 bankruptcy and Room Store was able to gain 54 locations by turning the Heilig-Meyers outlets into their own stores.
When Heilig-Meyers came out of bankruptcy, the Room Store had 63 locations. When the housing market began to struggle, the furniture market did the same thing and many home furnishing stores experienced a slow down in business. Officials with the Room Store have said that they plan to use this bankruptcy to restructure and make the company stronger.
If you or a loved one has been considering bankruptcy, this is a stressful time for you and you need experience on your side that can walk you through the process. Contact the Houston chapter 11 bankruptcy lawyers of Russell Van Beustring, P.C., by calling 713-973-6650 today.