Treasure Island files for bankruptcy
January 20, 2006-- Casual Living,
Treasure Island, the Mahwah, N.J.-based retail chain, filed a Chapter 11 voluntary bankruptcy claim in the District of New Jersey on Jan. 20.
The specialty store chain, known for selling outdoor furniture, Christmas decorations and craft supplies, is expected to close all 14 stores by the end of next month. Efforts to reach company officials Lynn Beylerian, president, and Paul Pinajian, executive vice president, were unsuccessful at press time. Founded in 1970 by Robert Buchakian, the family owned Treasure Island is another apparent victim of the discounters. It had grown from its original site in an old barn into an award-winning chain that included eight retail stores in New Jersey, five in New York, a clearance center and two warehouses in Mahwah. It employed about 450 people at the time of court filings. Treasure Island had an estimated $49 million in annual revenues in 2005. It was listed among Casual Living’s 100 Powerhouse Specialists in September 2005. It was the 2002 multi-store Apollo Award winner and a multiple Apollo nominee over the years.