Color Tile, Once No. 1 in Floors, Is Closing Liquidation under Way at 3 Stores in This Area
The Kyung M. Song of the Post-Dispatch contributed information ., St Louis Post-Dispatch (MO)
Color Tile, once the nation's largest retailer of floor coverings, is closing its doors under pressure from lenders and sliding sales.
The company confirms that it will shut down all of its 195 company-owned stores and lay off 831 employees. It was unclear what will happen to the company's approximately 100 franchise stores.
The three Color Tile stores in the St. Louis area - in south St. Louis County, St. Peters and Fairview Heights - started liquidation sales Friday.
A Color Tile store in Ballwin closed Monday, and a Bridgeton store closed earlier this year.
"Our orders are to sell what we can as long as we have inventory," Willie Flowers, manager of the St. Peters store, said Friday.
Each of the three stores here is down to two salespeople and a manager. Flowers said he was unsure how long the stores would remain open, although Aug. 10 had been mentioned as a potential deadline.
Color Tile has been trying to reorganize its finances since filing for Chapter 11 protection in January 1996, citing liabilities of $526.7 million and assets totaling $381.4 million.
In a written statement, Chief Executive David E. …