Underhill's Plans Closing Sales In Seattle Area
Underhill's Furniture in the Seattle Area Plans to Close its Four Stores
January 14, 2009
Underhill's Furniture released a statement announcing the four-store chain will close by the end of March, according to a report in The Seattle Times.
The company, which has a history dating to 1946, had announced a closing sale for its Redmond, Wash., store on its Web site ahead of the newspaper report.
In a statement released to the newspaper, CEO Tom Underhill said, "The weakened economy has forced restrictions on our line of credit, lowering the amount we can access to such a degree that we know we cannot make it through the year. Therefore, the decision was made to completely close Underhill's and liquidate all assets to pay off the bank and our vendors." The report added that the sales will be completed in March.
The article said Josh Underhill, Tom Underhill's son, will form a new company called Josh Underhill's Family Furniture with plans to open a new store at the Lynnwood, Wash., site in April. The article also said Tradewins, Tom Underhill's wholesale business, is not affected by the store closings.
The company, which has a history dating to 1946, had announced a closing sale for its Redmond, Wash., store on its Web site ahead of the newspaper report.
In a statement released to the newspaper, CEO Tom Underhill said, "The weakened economy has forced restrictions on our line of credit, lowering the amount we can access to such a degree that we know we cannot make it through the year. Therefore, the decision was made to completely close Underhill's and liquidate all assets to pay off the bank and our vendors." The report added that the sales will be completed in March.
The article said Josh Underhill, Tom Underhill's son, will form a new company called Josh Underhill's Family Furniture with plans to open a new store at the Lynnwood, Wash., site in April. The article also said Tradewins, Tom Underhill's wholesale business, is not affected by the store closings.
