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)

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