HomePlace to Close Local Store as Part of Bankruptcy Reorganization

Article excerpt

OKLAHOMA CITY (JR) -- HomePlace of America Inc. will close its lone Oklahoma City store at 3000 NW 50th St.

The Myrtle Beach, S.C.-based company on Friday said it will close 38 of its 122 stores as part of a financial restructuring.

The announcement of the store closings was part of a petition for reorganization under Chapter 11 of the Bankruptcy Code filed Friday in the U.S. Bankruptcy Court for the district of Delaware.

HomePlace has one other store in Oklahoma. That unit in Tulsa will remain open, said Chris Beseler, senior vice president of marketing and advertising.

The company said that the filing would allow it to continue business operations while it completes and implements its restructuring plan.

The company cited disappointing holiday sales, problems surrounding the implementation of its new computer system and the inability to secure alternate financing sources, as the major reasons for the bankruptcy filing.

HomePlace said it has a commitment from a group of lenders led by Fleet Retail Finance Inc. …

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