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Levitz Files Chap. 11

WOODBURY, NY-The company is seeking approval for $90 million in financing, no store closures have been announced.

By Ian Ritter | Updated on October 12, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

WOODBURY, NY-The 121-store Levitz Home Furnishings has filed for Chapter 11 protection in the US Bankruptcy Court in the Southern District of New York. The retailer plans to keep stores operational under its plan, according to a statement issued by executives.

Levitz is asking the court for approval of a $90-million debtor-in-possession credit facility by GE Commercial Finance, which is to include an incremental credit facility of $25 million arranged by Prentice Capital Management. With the financing “we are able to implement a restructuring plan that will provide us a platform for future success,” says C. Mark Scott, Levitz’s president and CEO, in a statement.

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