Mastercraft Interiors Ltd. of Beltsville, upscale furniture and interior design business with some local stores, has filed Chapter 11 bankruptcy.
Mastercraft intend to continue to operate the store in Rockville, Annapolis, and Fairfax and Alexandria, Va., during the bankruptcy proceedings. Recently closed a fifth store in Leesburg. Companies, with approximately 150 employees, also has a warehouse and clearance center of Beltsville.
Corporate bankruptcy petition filed in U.S. Bankruptcy Court in Greenbelt listed assets of $ 10.6 million and debts of $ 25.5 million.
Brothers Douglas and Dan Gomez Mastercraft Interiors was founded in 1977 as a retailer of high quality furniture and fine furniture. The company posted total sales of approximately $ 44 million in 2005, according to information Mastercraft.
''We are deeply saddened by this decision, "Douglas Gomez, founder and president, said in a statement.''In recent months we have experienced a dramatic decline in sales levels, which can be caused by many factors." Gomez could not be reached for comment further.
Gomez cited factors such as weak consumer confidence and consumers' changing buying habits. In addition, he pointed to a shift in the dynamics of the retail furniture business with the expansion of new home furnishings concept. www.gazette.net
Mastercraft intend to continue to operate the store in Rockville, Annapolis, and Fairfax and Alexandria, Va., during the bankruptcy proceedings. Recently closed a fifth store in Leesburg. Companies, with approximately 150 employees, also has a warehouse and clearance center of Beltsville.
Corporate bankruptcy petition filed in U.S. Bankruptcy Court in Greenbelt listed assets of $ 10.6 million and debts of $ 25.5 million.
Brothers Douglas and Dan Gomez Mastercraft Interiors was founded in 1977 as a retailer of high quality furniture and fine furniture. The company posted total sales of approximately $ 44 million in 2005, according to information Mastercraft.
''We are deeply saddened by this decision, "Douglas Gomez, founder and president, said in a statement.''In recent months we have experienced a dramatic decline in sales levels, which can be caused by many factors." Gomez could not be reached for comment further.
Gomez cited factors such as weak consumer confidence and consumers' changing buying habits. In addition, he pointed to a shift in the dynamics of the retail furniture business with the expansion of new home furnishings concept. www.gazette.net
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