Behind Jennifer Convertibles' trouble
Jennifer Convertibles store in Farmingdale Credit: Karen Wiles Stabile
A furniture industry trade journal has analyzed bankruptcy court documents filed by Jennifer Convertibles and traced the Woodbury sofabed company’s problems to “a long battle with a poor business climate, tightening credit, pending litigation, shipping delays and a failing former supplier.”
Furniture/Today reports in its online edition that a company official, in an e-mail, told the publication that Jennifer will close its stores in the metropolitan areas of Atlanta, Chicago, Philadelphia and Boston; and will close all stores in Michigan, Florida and North Carolina.
Jennifer disclosed its bankruptcy filing July 19, saying it plans to keep operating and hopes to continue fulfilling customer orders.
The company signed an agreement with its largest creditor, Haining Mengnu Co. Ltd. Group, to hand over a large portion of its stock to settle the debt.
In terms of sales, Jennifer is ranked No. 48 on Furniture/Today's Top 100 list, the publication said.
The photo above left shows a Jennifer Convertibles store in Farmingdale.
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