Roomstore Inc., which filed for Chapter 11 bankruptcy protection in December, is hoping to sell off its assets at auction.
The Virginia-based furniture retailer has asked a federal Bankruptcy Court judge to allow the auction, which would include invetory from its stores. The auction would be held June 25.
President and CEO Stephen Giordano told the Richmond Times-Dispatch that the company is being offered for sale as a whole or in parts. Bid packages were sent to potential buyers last week.
Roomstore also plans to sell its 65 percent stake in bedding chain Mattress Discounters. Proceeds from the sales would be used to pay off creditors.
The company has 28 stores in Virginia, Maryland, North Carolina and South Carolina.
Copyright AP - Associated Press
