Home-Decor Retailer Z Gallerie Files Third Bankruptcy, Seeks Sale
- The company blamed housing slowdown and industry headwinds
- Firm is prepared to liquidate if it can’t find a buyer
A Z Gallerie store in Fort Lauderdale, Florida.
Photographer: Jeff Greenberg/Education Images/Universal Images Group /Getty ImagesThis article is for subscribers only.
Home-decor retailer Z Gallerie is searching for a buyer after it filed bankruptcy for the third time Monday.
The California-based firm, which sells upscale furniture pieces, said in a Delaware court filing that high mortgage rates and a resulting pullback in home sales crimped demand for its products. It also cited higher import costs, negative cash flow in many of its stores and industry headwinds as factors that led to its filing. It listed assets and liabilities of as much as $100 million each in its bankruptcy petition.