Wood-Armfield liquidation Thursday. Check it out:
(High Point Enterprise (NC) (KRT) Via Thomson Dialog NewsEdge) Sep. 21--HIGH POINT -- The setback for Wood-Armfield Furniture Co. in bankruptcy could become the gain for hundreds of shoppers this week.
As part of the liquidation of the defunct retailer's assets, a public sale of Wood-Armfield's inventory took place Thursday. "This will generate proceeds to pay creditors," said Christie Myatt, an attorney from Greensboro representing Wood-Armfield and its parent company, Utility Craft Inc.
The creditors' committee for the Chapter 11 bankruptcy doesn't have a financial goal for the public sale, Myatt said. But the sale will involve $3 million worth -- estimated at cost -- of inventory, she said. Utility Craft filed its Chapter 11 petition in July in the U.S. Bankruptcy Court for the Middle District of North Carolina. When it filed, approximately 1,500 customers had unfulfilled orders.
Wood-Armfield has made progress on orders to customers who were left in limbo when the longtime retailer closed abruptly in early June, Myatt said. "Letters have gone out to the customers, as well as telephone calls," she said. The company is seeking approval from the bankruptcy court to ship products to customers, which could begin in two weeks, she said. "Once we get a court order, we will be able to ship out the inventory we have on hand," Myatt said. Customers and creditors of Utility Craft can check the Web site www.poyners.com for information about the status of the bankruptcy.
The N.C. Attorney General's Office has 70 open complaints from Wood-Armfield customers, said spokeswoman Noelle Talley in Raleigh. The Attorney General's office recommends that customers owed furnishings follow up with the bankruptcy court or the agent handling the liquidation for Wood-Armfield, she said. The High Point Group, a division of the national business consulting firm Gorden Brothers, is the agent for the going-out-of-business sale and distribution of assets. In its bankruptcy petition, Utility Craft listed assets of $3.9 million and liabilities of $11.6 million.
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Copyright (c) 2006, High Point Enterprise, N.C.
Distributed by McClatchy-Tribune Business News.
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