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GE Capital to offer consumer loans at Jennifer Convertibles

Jennifer Convertibles

Jennifer Convertibles Photo Credit: Karen Wiles Stabile

The consumer credit company GE Capital has agreed to provide financing arrangements for customers of Jennifer Convertibles, the Woodbury sofa-bed maker that emerged from Chapter 11 bankruptcy last month. 

"We're excited to have GE Capital Sales Finance as our financing partner," Rami Abada, president of Jennifer Convertibles, said in a news release. 

"Their experience as a consumer lender and online account management capabilities will enhance the shopping experience for our customers. Partnering with GE Capital is a great addition to our business." 

Jennifer reorganized on a smaller scale and with new leadership in February, with 90 percent of its stock now owned by the Chinese upholstery maker that was its top creditor, Haining Mengnu Group Co. Ltd. The stock value of all pre-bankruptcy shareholders was wiped out. 

The chain now consists of 64 Jennifer Convertibles and eight Jennifer Leather stores; and six Ashley Furniture stores, the company said in documents filed with the Securities and Exchange Commission. 

That's down from the chain's nearly 200 stores before the U.S. economy -- and the housing market -- soured in recent years.

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