Lechters Is Seeking Buyer or Liquidation
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Lechters Inc., the largest U.S. specialty housewares retailer, asked a bankruptcy judge for permission to find a buyer for all the company’s assets or close its 325 stores and liquidate.
Competition from larger rivals such as Wal-Mart Stores Inc. forced Harrison, N.J.-based Lechters to seek bankruptcy protection in May. The company listed $128.9 million in assets and $110.9 million in debts in Chapter 11 papers filed in Bankruptcy Court in Manhattan.
Lechters said in a court request filed Tuesday that it doesn’t foresee turning a profit without a “significant capital infusion.” The retailer lost more than $7.5 million on $19.1 million in sales from Aug. 5 through Sept. 1, court papers show.
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