Levitz Furniture, the nation's largest furniture retailer, will close its stores in seven cities, including Salt Lake City, and seek bankruptcy court protection from its creditors in an attempt to reduce mounting debt.
Levitz, based in Boca Raton, Fla., has experienced declining sales, profitability and cash flows over the past several fiscal years.The company said Friday it will close its stores in Atlanta; Cincinnati; Salt Lake City; Houston; Reno, Nev.; Jacksonville, Fla.; and Fort Myers, Fla.
It said it also would close a smaller satellite store in Fort Lauderdale, Fla.; and another in Potomac, Va. The main Fort Lauderdale store was recently remodeled and remains a major contributor to the south Florida market, the company said.
The company said it expects to meet its day-to-day operating needs, including prompt payments of post petition invoices and to pay current employees wages and benefits on time.