WILMINGTON, NC - GreatPricedFurniture.com Inc., which billed itself as "North Carolina's Largest On-Line Furniture Dealer," goes on the auction block Tuesday, March 21.
The company's domain name, trademarks and customer lists are among the items to be sold.
GreatPricedFurniture, owned jointly by the husband-wife team Fred and Caroline Rose, filed for Chapter 7 bankruptcy on Feb. 21. The company posted the following note on its website: "Due to a series of unfortunate and difficult circumstances, including the refusal of one of our major manufacturers to fulfill orders and the failure of a freight carrier stranding substantial orders in transit, GreatPricedFurniture.com Inc. has been with with no choice but to terminate its operations."
In its Chapter 7 filing to the U.S. Bankruptcy Court for the Eastern District of North Carolina, GreatPricedFurniture reported gross revenue of $3,164,877 in 2011, down 11% from 2010. The Chapter 7 filing also listed $41,427 in total assets versus $1,475,289 in total liabilities.
The Internal Revenue Service (IRS), with $141,725 for 2003-2011 payroll taxes including penalties, heads the list of creditors. The IRS holds an unsecured priority claim.
Other major creditors owed include Lexington Home Brands, $46,852; Hooker Furniture, $44,942; GE Capital Solutions, $38,900; Reliable Trucking, $27,170; Lea Industries, $25,516; and American Drew, $23,219.
Other supplier creditors include: AICO, Bernards Furniture, Broyhill Furniture. Coaster Furniture Company, Fashion Bed Group, Hillsdale Furniture, Lane Furniture, Leather Italia U.S.A., Magnussen Home Furnishings, Pulaski Furniture, Ridgeway, Serta, Standard Furniture and Stanley Furniture.
The Chapter 7 filing also lists approximately 600 consumers located around the country, who placed furniture orders totaling several hundred dollars to several thousand dollars.
The auction will be conducted by Country Boys Auction and Realty Company. It will include GreatPricedFurniture's domestic and international trademarks, domain name, search engine ranking, newsletter listing, web site and test site via cloud server, servers, order management software, customer list, office furniture, computers, phone system, accessories, decorative items, artwork, bed frames, pillows, furniture warranties, and other intellectual property owned by the debtor.
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