Value City Furniture’s parent company is closing stores and selling company assets after filing for Chapter 11 bankruptcy, which will cause Illinois locations to shutter.
The company, American Signature, Inc., made the announcement in a Nov. 23 press release. The closures will include Value City Furniture and American Signature Furniture stores.
Here’s what we know about Illinois closures.
What are Chapter 11 filings?
The filings typically allow companies to reorganize with hopes of keeping businesses open and paying creditors over time, per the United States Courts.
Court documents obtained by USA TODAY show American Signature, Inc., based in Columbus, Ohio, has more than 1,000 creditors, over $100 million in assets, and over $500 million in liabilities.
“We expect the future of our store footprint to be determined by the outcome of the sale process,” the company told USA TODAY. “We are grateful to our employees and customers for their continued support and remain dedicated to offering the exceptional style, value, and service that shoppers have come to know and trust.”
Which Value City stores in Illinois are closing?
The Value City Furniture store located at 6116 Grand Ave. in Gurnee, Illinois, is closing.
When are stores closing?
The company told USA TODAY Value City Furniture and American Signature Furniture stores and websites will stay open for now.
The company said in the press release that it will continue to fulfill customer orders and provide customer service during the filing process.
Value City Black Friday, Cyber Monday deals
The store’s Black Friday sale runs through Monday, Dec. 1. Deals include widespread 20% off discounts, 30-60% off doorbusters and free delivery on purchases of $1999 or more.
Full list of Value City, American Signature store closures
Per the American Signature website, stores slated for closure or hosting total inventory blowout sales include the following:
Florida:
Georgia:
Illinois:
Indiana:
Kentucky:
Maryland:
Michigan:
Missouri:
New York:
North Carolina:
Ohio:
Pennsylvania:
Tennessee:
Virginia:
This article originally appeared on Journal Star: Value City closing stores after bankruptcy. Here’s where in Illinois
Reporting by Hannah Hudnall and Saleen Martin, Peoria Journal Star / Journal Star
USA TODAY Network via Reuters Connect
