Mover Mike

It didn't take a month!

I posted on January 8th that Wickes was seeking help from vendors"

Wickes Furniture is asking suppliers to sign an agreement that would postpone the retailer’s payment of its past-due debt until July 2009.

Apparently, they didn't get the needed response for today Wickes has filed Chapter 11.

Wickes Holdings, parent company of Wickes Furniture, has filed for Chapter 11 bankruptcy protection, listing assets of $10 million to $50 million and debts of more than $50 million.

The second major Chapter 11 filing was done for Fortunoff:

Fortunoff, a shopping institution on Long Island for decades, said Monday it has filed for bankruptcy protection and agreed to be acquired for $100 million by the owners of Lord & Taylor, the second change in ownership for the Westbury-based home furnishing and jewelry chain in the past two years.

Some say Fortunoff was getting squeezed, others blame the economy and the subprime mess on Long Island.

...several factors had led to Fortunuff's decline in recent years, including a failure to expand and competition from outlets like Bed Bath & Beyond, and even Wal-Mart, which sells jewelry.

Now, what generally happens is the filers' debt gets wiped out, they lower their costs to be competitive and that puts others on the edge who must seek chapter 11 to wipe out debt.

Chapter 11 Wickes Sun Capital

Fortunoff Mover Mike