MARTINSVILLE, VA - Motion furniture manufacturer Barcalounger Corp, which abruptly halted production at its domestic facility last month, has filed for federal bankruptcy protection and agreed to sell its assets.
Barcalounger is a division of American of Martinsville, which is owned by investment firm Hancock Park Associates of Los Angeles.
According to Reuters, Barcalounger has between $1 million and $10 million of assets, and between $10 million and $50 million of liabilities.
Read recent related reports:
Barcalounger plant in doubt, but not brand (posted 4-27-10)
Mystery shrouds Barcalounger plant closing (posted 4-23-10)
Have something to say? Share your thoughts with us in the comments below.