Levitz Update

FURNITURE Today is reporting this about the bankruptcy procedures at Levitz,

A consortium of six investment firms, several of them specialists in bankruptcy and liquidation sales, has emerged as the stalking horse bidder in the Levitz Furniture bankruptcy proceedings.

If their bid is successful, the investment firms would liquidate Levitz assets and would not operate the company as a going concern, said Jerry Cohen, an attorney representing several of the investment firms.

Bottom Line: It looks like we’ve seen the last of the Levitz retail outlet. Three Chapter 11s is enough!

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