LEVITZ FILES CHAPTER 11 BANKRUPTCY PROTECTION.(Levitz Home Furnishings Inc.)

HFN: The Weekly Newspaper for the Home Furnishing Network, October, 2005

Byline: Jo Fleischer

HIGH POINT, N.C.-In the largest bankruptcy by a furniture retailer in five years, the 121-store Levitz Home Furnishings chain, based in Woodbury, N.Y., filed for Chapter 11 bankruptcy protection last week. The company plans to reorganize with a $90 million debtor-in-possession credit facility led by GE Commercial Finance that, with court approval, would provide an immediate infusion of $25 million in near-term financing from Prentice Capital Management.

Levitz, with annual sales of more than $900 million and stores in 11 states, is the largest furniture retailer to file for bankruptcy since Heilig-Meyers filed for Chapter 11 reorganization in 2000 and shut more than 400 stores when it ceased operations the following year. ...