TUKWILA, WA — iFloor, an online retailer of hardwood, bamboo and other flooring products, has filed for bankruptcy protection and eliminated approximately 90 of 150 employees, according to the Seattle Times.
iFloor “concluded that it was unable to secure adequate operating funding to go forward in this economy,” said Mark Northrup, a bankruptcy attorney representing iFloor. A statement from the company said that “despite its best efforts, the company could not overcome the unprecedented current economic environment and the fact that consumers are spending less money remodeling their homes.”
At its peak, iFloor reached nearly $60 million in annual sales, selling online and through store location in 19 states. The company’s Chapter 11 documents, say it has estimated assets of $1 million to $10 million, and liabilities between $10 million and $50 million.
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