Another popular retailer now files for an unexpected bankruptcy after blaming the covid pandemic for its failure.
Ruby-Gordon Home, which has operated in upstate New York for nearly 100 years, has filed for Chapter 11 bankruptcy protection.
“We’ve been struggling to recover since 2020. Unfortunately, in the last eight months, too much went sideways in too short an amount of time.
Klaussner going out the way they did was the straw that broke our back,” owner and CEO Aaron Ruby told Furniture Today.
“We’re hoping that Chapter 11 gives us a chance at having a future, we’re just not certain exactly what that will look like.”
Klaussner is a furniture maker that closed abruptly in August.
The bankruptcy left its customers with unfilled orders that, in some cases, they had already paid for.
Ruby-Gordon has been a fixture in and around Rochester, N.Y.
“With a history dating back to 1936, we are committed to bringing the best designs and best customer service to our customers.
We are a third generation, family-owned furniture store with a passion for making your space a home,” the company shared on its website.
In the Chapter 11 bankruptcy filing, Ruby-Gordon listed an estimated $1,000,001 to $10 million in total assets with $1,000,001 to $10 million in total liabilities to an estimated 100 to 199 creditors.
The climate for selling furniture is not expected to improve quickly.
That’s because unlike electronics, which have a 2-4 year replacement cycle, most furniture has a longer cycle.
That means that the demand that pulled forward during the pandemic won’t come back after a bad year or two.
It could take much longer.
That puts already struggling companies like Wayfair at significant risk of bankruptcy, reports TheStreet.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A new wave of massive layoffs now hits Wisconsin prior to the holidays according to the latest WARN data.
It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
Yesterday, Transcontinental Packaging officially filed a WARN Act notice with the Wisconsin Department of Workforce Development advising of job cuts, resulting in 90 layoffs.
“We are writing to inform you that there will be a plant closing at the Transcontinental facility located at 501 Williams St in Tomah, Wisconsin. The closing will be permanent. It is expected that the first separation will occur on 1/15/24…approximately 90 employees will be affected,” the company said.
So far in 2023, there has been approximately 5,273 layoffs in Wisconsin across 101 businesses according to the latest WARN data.
California remains the #1 state with the most layoffs in the country.
In second place is New York followed by Colorado, Illinois, Texas, Washington, New Jersey, Florida, Michigan, and Georgia.
Below is a list of businesses who have announced of upcoming job cuts in Wisconsin this year:
- Premier Staffing Inc. 223 job cuts by 12/23.
- Energizer Manufacturing. 172 job cuts by 12/01.
- Superior Die Set Corp. 133 job cuts on 11/20.
- Strauss Brands & Logistics. 127 job cuts by 12/10.
- Weir Slurry Group, Inc. 115 job cuts by 12/31.
- Process Retail Group, Inc. 66 job cuts by 11/30.
- Dowco, Inc. 53 job cuts by 12/11.
- BMO Bank N.A. 44 job cuts by 12/31.
Also Read: Massive Bank Branches in California Now Unexpectedly Close For 2024
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