Kreiss Collections files for Chapter 11
May 2, 2013-- Casual Living,
WEST HOLLYWOOD, Calif. - High-end furniture source and retailer Kreiss Collections filed for Chapter 11 bankruptcy protection Tuesday.
A filing in the U.S. Bankruptcy Court for the Central District of California lists between $1 million to $10 million in both liabilities and assets.
Its largest unsecured creditors include Robert J. Gowing of El Lago, Texas, owed $656,500; furniture maker and restorer RC Furniture of Industry, Calif., $404,560; ElPaseo Enterprises, $341,899; LDC Partners, $219,356; and Gainey Village Retail Center in Des Moines, Iowa, $172,169.
Industry suppliers listed include World Market Center, owed $59,739, and manufacturer Marge Carson, $47,180.
In 2011, Casual Living sister publication Furniture Today reported that Kreiss, a more than 70-year-old company, had 15 stores and was evaluating locations that could be closed or moved. Seven showrooms were located in California, four in Florida and one each in Las Vegas, Seattle, Denver and Scottsdale, Ariz.
The company's Facebook page says it currently has eight stores.
The company had sold product through its own showrooms nationally but in recent years began offering a gallery program to other retailers. In 2007, the company launched its first branded collection with tennis stars Andre Agassi and Steffi Graf.
The filing lists Norman Kreiss Special Trust as having the largest equity stake in the company at 49%, followed by Michael Kreiss at 20%, Thomas Kreiss at 16% and Robert Kreiss,12%.
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