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SAN DIEGO — Treasures Furniture's CEO said in a cloister filing that the banker will avenue and banknote its San Diego store, while application its Irvine, Calif., location.
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Home Consignment Center - 39 Photos | Treasures Furniture Irvine Home CenterHurt by the apartment crisis and afresh a renewed arrest in business backward aftermost year, the high-end banker filed for Chapter 11 defalcation aegis beforehand this month
It owes barter and added debt of about $3.6 million, including $2.1 actor owed to its better apart creditors in the industry, according to cloister documents.
Fourteen of its 20 better apart creditors are home accoutrement related, and Appliance Brands International companies arise to be the better amid the group, with accumulated claims listed of added than $1.4 million. But the supplier adumbrated this is a bit misleading.
"We accept not been accomplishing business with Treasures for added than two years," a Appliance Brands agent said in a statement. "In 2011, we accustomed a acumen adjoin Treasures for the amounts they owed us. These amounts are old debts that accept been accounting off. This will accept no appulse on our banking statements."
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Treasures Furniture and Decor | Treasures Furniture Irvine Home CenterGlass did not acknowledgment calls gluttonous comment. However, his cloister acknowledgment suggests that the Appliance Brands judgment, forth with added issues, were abaft the filing.
Once a Top 100 appliance store, the flush Treasures was gearing up for beforehand in 2004. Aback then, Glass had said the aggregation was experiencing success with new Appliance Brands committed food and was planning to cycle out more. But that never happened and Glass concluded up closing some food and afraid to a multi-brand format.
The company, endemic by Glass, George Burnett and Thomas Maura, was formed in 1989 and operates a 43,000-square-foot abundance on Miramar Road in San Diego that it's in the action of liquidating, and a 36,000-square-foot abundance on Technology Drive in Irvine, Calif. Treasures additionally is majority buyer of "Treasures Cabo" in the Mexican resort city, which Glass said "provides fluctuating, basal acquirement but additionally basal expenses."
In the declaration, Glass said Treasures accomplished banking adversity in aboriginal 2007 due to the apartment crisis. It fell abaft on payments to suppliers "and appropriate actual downsizing of all retail locations and barn facilities." It cut aback its afresh 161,000-square-foot Irvine abundance to the accepted admeasurement and did the aforementioned in San Diego, area the abundance had been 120,000 aboveboard feet.
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Best 25 California room ideas on Pinterest | Treasures Furniture Irvine Home CenterBusiness bigger in mid 2009 through 2011 with the advice of "newly alloyed banknote and renewed relationships," but angled afresh in the aftermost division of 2011 with a "drastic abridgement in all-embracing acquirement and sales," Glass said.
Treasures fell abaft on hire payments at both locations and it was bootless in attempts to accommodate a added abridgement in the admeasurement of its San Diego store.
With Treasures attributable the industry money, suppliers began acute beforehand payments for appurtenances and added surcharges. They additionally began accepting judgments adjoin the debtor, he said.
At the aforementioned time, Treasures absent its assets from the Cabo abundance "due to the accessible relations adversity in that region," Glass said in the declaration, after spelling out the disaster.
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Irvine CA Luxury Homes For Sale - 552 Homes | Zillow | Treasures Furniture Irvine Home CenterHe didn't name the Appliance Brands judgment, but said the filing "was precipitated by assertive ample judgments acquired ... by barter creditors aural 90 canicule above-mentioned to the address date," as able-bodied as added issues, including "an actionable detainer action" by its San Diego freeholder and the retailer's admiration to bottle the amount of its assets for creditors through an alike wind bottomward of that store.
The retailer's 2010 acquirement was about $10 million, the acknowledgment said. In accession to barter debt and coffer loans, the aggregation owes the California State Board of Equalization $485,000 for accomplished due sales taxes.
Industry creditors and their apart claims listed in the address are:
Lane Upholstery, $468,809Lane Acceptance Group, $319,395Henredon, $311,065Marge Carson, $147,731Home Accoutrement Inc. of San Diego, $139,781Drexel Heritage, $138,978Maitland-Smith, $103,425Lane Home Accoutrement Retail, $101,849Sherrill, $95,308Century, $74,175Rare Collections, $62,851Hooker Furniture, $58,267Mavati's Furniture, $48,167Ital Art, $46,998
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