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The Rhodes Untraveled

Bankrupt furniture retailer announces 16 store closings

Published

19 years ago

September 15, 2005

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Rhodes Inc. (Atlanta), the furniture retailer currently in Chapter 11 bankruptcy reorganization, has authorized the sale of 16 of the company’s properties throughout Illinois, Indiana, Kentucky, Missouri and Georgia.

The company operated in these markets as both Rhodes Furniture and John M. Smyth’s Homemakers Furniture.

Rhodes also said it will be selling its warehouse facilities in Louisville, Ky., and Hazelwood, Mo.

The locations up for sale are in Joliet, Naperville, Downers Grove, Fairview Heights, Niles, Schaumburg and Champaign, Ill.; Louisville, Ky.; Clarksville, Ind.; and St. Louis, Ballwin and St. Peters, Mo.

“We expect there to be strong interest in this group of retail store closings, especially Joliet and other Chicagoland markets, which are very difficult to penetrate,” said Andy Graiser, co-ceo of DJM Asset Management (Melville, N.Y.), which is handling the Rhodes property disposals. “We expect quite a number of interested parties to submit offers to purchase leases.”

Rhodes filed a voluntary petition for relief under Chapter 11 of the bankruptcy code on Nov. 4, 2004.

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