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Brea Manufacturer Shutters Remaining Stores, Factory

BREA, CA-Krause's Furniture Inc. is chipping away at remaining assets in line with a Chapter 11 bankruptcy agreement. The final stage of store closings and inventory sales are under way for 43 stores nationwide as well as its 250,000-sf factory in Brea.

By Erin Cassin | Updated on October 10, 2001

BREA, CA-Locally based Krause’s Furniture Inc. has begun liquidating remaining assets as part of a Chapter 11 bankruptcy agreement. The furniture manufacturer, which filed for bankruptcy July 20, will sell inventories from more than 50 stores and all machinery and equipment from its 250,000-sf Brea factory.

Krause’s has retained Encino, CA-based Buxbaum Group to manage the liquidation process. Going-out-of-business sales already are under way at a remaining 43 locations in California, Washington, Arizona, Colorado, New York and New Jersey. The sales include inventories from 14 shuttered stores. The merchandise, which is worth $22.5 million at retail cost, will be sold at a minimum discount of 40%.

These liquidations mark the final stage of store closings for Krause’s. The company, which manufactures and retails made-to-order furniture and accessories, already has conducted sales at 22 Krause’s Custom Crafted Furniture sites and three Castro Convertibles locations.

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