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Industry: Email Alert RSS FeedHomePlace wins reorganization extension
Discount Store News, June 8, 1998
VALLEYVIEW, OHIO - HomePlace has received permission from bankruptcy court to extend its period of reorganization to Sept. 8.
The company, in Chapter 11 since January, also has negotiated an increase in its debtor-in-posession financing with BankBoston from $110 million to $130 million.
Liquidity issues, the effects of rapid expansion and growing operating losses forced the company into bankruptcy, and it has closed 10 stores since entering Chapter 11. It continues to operate 88 stores.
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HomePlace posted sales of $425 million in 1997.
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