POPULAR furniture chain American Freight is slashing prices across the board as its huge closing-down sale gets underway.
The bargain retailer confirmed all of its stores across 40 states will close after its owner, Franchise Group, filed for bankruptcy on Sunday.
Prices on all American Freight are being slashed in the huge sale[/caption]
Every store is closing across the US after the company that owns it filed for bankruptcy[/caption]
The retailer, which also operates online, has 328 locations across the US.
Ahead of its closures, shoppers can save up to 30% off the lowest ticketed prices storewide.
Available items include living room sets, bedroom furniture, dining tables, and a selection of new in-box appliances.
These include refrigerators, washers and dryers.
New inventory is also arriving and expected to move quickly, with customers urged to take advantage of the deals.
“Our goal is to deliver outstanding value to customers during this full chain closing sale,” said Ian Fredericks, CEO of Hilco Consumer-Retail.
“Everything is on sale and must be sold, and we recommend shopping early for the best selection.”
Select financing and delivery services will also remain in place as the bargain rumble on.
It comes after Franchise Group, which also owns Vitamin Shoppe and Pet Supplies Plus, filed for Chapter 11 bankruptcy in Delaware on Sunday.
“Today’s announcement to de-lever our balance sheet is a pivotal step forward in enabling our market-leading businesses Pet Supplies Plus, The Vitamin Shoppe, and Buddy’s Home Furnishings to realize their full potential,” Andrew Laurence, FRG’s president and CEO said.
“Each of these businesses has a demonstrated value proposition and provides great products and services to customers, which they will continue to do seamlessly during this process.
“Strengthening FRG’s balance sheet will allow us to enhance our support for these businesses as they advance their growth trajectories.”
FRG entered an agreement with the credit lenders that the company owes a majority of its debt, per case filings.
Under the deal, FRG’s debt will be converted into equity and the creditors will take full ownership of the reorganized business.
FRG’s lenders will also provide $250 million in debtor-in-possession financing, pending court approval, to ensure the company can continue operating.
This funding is part of the “first day” motions that FRG filed for, which request permission to keep paying employees, vendors, and maintain customer programs during the restructuring process.
FRG plans to launch a court-approved bidding process and conduct a marketing process to maximize the value of its businesses and support their long-term success.
American Freight Sale details
- Up to 30% Off the lowest ticketed prices on furniture, scratch & dent and new in-box appliances
- Discounts valid in stores and online at www.americanfreight.com
- All Sales Final
- Shop Now for the best selection while supplies last
