Levitz Furniture: A Historical Overview
Levitz Furniture, a prominent American furniture retailer, played a significant role in shaping the furniture industry. Founded in 1910, the company pioneered the “furniture warehouse” concept, offering moderately priced brand-name furniture in a warehouse-style setting.
Financial Struggles and Bankruptcy
Despite its initial success, Levitz Furniture faced financial challenges in the 1990s. The company’s sales declined as consumers shifted their preferences towards showroom sales that resembled home interiors. As a result, Levitz Furniture filed for bankruptcy in 1997.
Efforts to Restructure
In an attempt to restructure and emerge from bankruptcy, Levitz Furniture closed 27 stores and laid off 1,000 employees in 1998. The company also downsized its warehouse system from 65 to 17 sites.
Final Liquidation
Despite these efforts, Levitz Furniture’s financial struggles continued. The furniture market downturn following the September 11 attacks and the 2007 subprime mortgage crisis further exacerbated the company’s situation. In October 2007, Levitz Furniture filed for bankruptcy for the final time. The company liquidated its assets and closed all remaining stores in early 2008.
Legacy
Levitz Furniture’s legacy lies in its contribution to the furniture industry. The company’s “furniture warehouse” concept revolutionized the way furniture was sold and helped make it more accessible to consumers. Despite its eventual demise, Levitz Furniture remains a notable name in the history of American retail.
Sources
- Levitz Furniture – Wikipedia
- 6 furniture-store chains that aren’t around anymore
- Levitz Furniture to Shut 27 Stores, Cut 1,000 Jobs
FAQs
Is Levitz Furniture still in business?
No, Levitz Furniture is no longer in business. The company liquidated its assets and closed all remaining stores in early 2008.
When did Levitz Furniture go out of business?
Levitz Furniture went out of business in early 2008.
Why did Levitz Furniture go out of business?
Levitz Furniture faced financial challenges in the 1990s due to declining sales and increased competition. The company filed for bankruptcy in 1997 and again in 2005. Despite efforts to restructure, the company was unable to overcome its financial struggles and liquidated in 2008.
What was Levitz Furniture known for?
Levitz Furniture was known for its “furniture warehouse” concept, offering moderately priced brand-name furniture in a warehouse-style setting.
When was Levitz Furniture founded?
Levitz Furniture was founded in 1910.
Who founded Levitz Furniture?
Levitz Furniture was founded by Richard Levitz.
Where was Levitz Furniture headquartered?
Levitz Furniture was headquartered in Boca Raton, Florida.
How many stores did Levitz Furniture have at its peak?
Levitz Furniture had over 80 stores at its peak.