Columbus-based Value City Furniture, owned by the Schottenstein family, is facing potential acquisition and liquidation by separate family-owned companies. The retail furniture chain, which operates alongside American Signature, is closing stores as part of preparations for an upcoming auction.
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The company recently filed for bankruptcy, triggering store closures and workforce reductions. At least 19 locations are set to close, with hundreds of jobs affected. The bankruptcy filing and liquidation plans reflect broader challenges in the furniture retail sector amid shifting consumer habits and increased online competition.
Industry observers note that family-owned buyers may acquire assets strategically while others aim to liquidate inventory. The auction process will determine which entities secure the company's assets and locations.
This development marks a significant shift for Value City Furniture, which has been a longstanding player in the Midwest retail market. Further updates are expected as the auction proceeds and potential buyers reveal their intentions.
The outcome will influence the regional furniture market and could reshape local employment, supply chains, and retail operations.
Source: www.bizjournals.com
