Moosehead Furniture Declares Chapter 11

Posted by slone on January 24th, 2010 at 07:00am

Moosehead Furniture, a case goods manufacturer managed to keep from shutting down by filing Chapter 11 bankruptcy. Several prospective buyers were standing by anticipating an auction of the equipment to begin when the filing gave the company a last minute reprieve.

There were around 200 people, some with long trailers and trucks waiting for an auction to begin in the parking lot. And, some had even traveled across country in hopes of getting a bargain. The auction company was notified by phone that the shutdown had been canceled.

This marked the second time that Moosehead Furniture was scheduled to close. In 2007, a small group of investors purchased the company after the family that had owned it for 60 years announced that it would close because of the competition from imports with lower prices.

Under Furniture News