Companies Related To Hudson’s Florida Store’s In Chapter 11

Posted by MCC on October 24th, 2009 at 07:00am

The founder of Hudson’s, a top 100 company has filed for Chapter 11 bankruptcy through ownership of the companies that are related to four of their stores located in Florida. However, President Fred Hudson has stated that the proceedings were related to real estate and had nothing to do with 15 Hudson’s Furniture Showrooms.

Fred Hudson owns four entities in Brandon, Tampa, Altamonte Springs and Ocoee. These are limited liability companies that are landlords for the four stores and due to the economy, Hudson’s has been unable to pay the landlords for over six months.

The result led the landlord companies to default on mortgages owed to the Park National Bank which in turn began foreclosure actions on August 1. According to court documents, the company owes the bank over $12 million. An attornry stated that the bankruptcies were file to enable restructuring while still keeping the stores open.

Under Furniture News