A massive California retailer is now liquidating after the company filed for bankruptcy three times now.
Concerns grew in Florida of the possibility of liquidation after two locations closed leaving the state with only seven Z Gallerie stores left.
For now, the company is looking for a potential buyer which would allow the company to restructure its finances and keep its doors open.
“Z Gallerie first opened in 1979 and now has 21 stores across the United States. Florida has the most stores of any state, with seven, and they may close before the end of the year unless the business is acquired,” reports Ash Jurberg.
“According to the latest bankruptcy filing, this business is running out of cash due to “underperforming retail stores, adverse macroeconomic trends, and industry-specific headwinds.”
This week, a 40% off liquidation sale has been launched across all stores. This includes:
- Furniture: sofas, decorative chairs and tables, dining sets, beds, dressers, nightstands, desks, bookcases, consoles, and cabinets.
- Lighting fixtures, lamps, chandeliers, and sconces.
- Home décor, mirrors, wall-mounted art, frames, rugs, curtains, and window panels.
- Bedding, decorative pillows, bath towels, rugs, and much more.
“This is a unique opportunity to buy high-end, quality home décor at deeply discounted prices.
We encourage shoppers to visit their nearest store before merchandise sells out. This sale will be available for a limited time only,” said Tim Shilling, Executive Vice President of B. Riley Retail Solutions.
All sales are final, and customers are also advised if they have a gift card, they may be used until November 15, 2023.
The last five remaining California stores are:
- 14006 Riverside Dr, Sherman Oaks, California 91423
- 3333 Bear St # 141, Costa Mesa, California 92626
- 1006-E El Camino Real, Encinitas, California 92024
- 2785 Cabot Dr, Corona, California 92883
- 1182 Roseville Pkwy # 130, Roseville, California 95678
Other Economy News Today
A massive US company is now laying off thousands of employees after announcing the closure of a plant in South Central Oklahoma.
Michelin announced it will be “winding down,” its operations at the plant by 2025.
About 1,400 people will be losing their jobs because of the wind down.
That doesn’t include contractors or other businesses that will also be impacted by the loss of production.
Headquartered in Greenville, S.C., Michelin North America employs about 22,650 and operates 20 major manufacturing plants.
The Ardmore tire factory has been a major employer in the region for decades, opening its doors in 1970.
Michelin says in a news release that the Ardmore plant isn’t equipped to evolve with market demands for tires. The company will be moving production to other passenger-tire plants across the continent.
“Michelin has strived to be a good steward in every chapter for this plant and community. Winding down operations is the hardest of all business decisions,” Terry Redmile, senior vice president of manufacturing for Michelin Group’s Americas Zone, said in a statement from the company.
The company says that precise timing has not yet been determined but that based on the outlook of demand, staffing reductions will occur sometime around mid-2024.
“Additional reductions are expected to occur in phases through 2025 as transition plans are finalized,” the company stated.
“Michelin has strived to be a good steward in every chapter for this plant and community. Winding down operations is the hardest of all business decisions,” said Terry Redmile, senior vice president of manufacturing for Michelin Group’s Americas Zone.
The company said on Thursday that over the coming days and weeks, representatives for the Company will discuss separation benefits individually with each person who works in the factory.
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