Housing Market DOOMS Furniture Giant! 33 Stores SHUT DOWN NOW!
How did a furniture giant lose $150 million in sales and face bankruptcy within a year? This shocking decline highlights the brutal reality of today's economy. American Signature Inc., parent company to Value City Furniture, recently filed for Chapter 11 bankruptcy, blaming a severe housing market downturn, relentless inflation, and high interest rates. What was once opportunistic pandemic growth quickly reversed, leading to a staggering $52 million increase in operating losses and the planned closure of 33 stores. Despite last-ditch efforts including tens of millions in equity loans, the company couldn't escape its fate. To stay informed on how major economic shifts impact our everyday lives, make sure to subscribe to our channel.
Tags/Hashtags: #bankruptcy #inflation
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