Iconic furniture chain closes locations, no bankruptcy plans
The furniture retail chain, which was established in 1915, will close its newest store location.
A combination of economic challenges, which include increased home prices and interest rates, rising inflation, and consumer reluctance to spend in a questionable economy, have led to financial consequences in the furniture industry.
The furniture retail sector is also bracing for increased tariff costs from overseas suppliers, which amount to a 54% tariff on imports from China and a 25% tariff on furniture suppliers in Canada and Mexico that went into effect on April 9.
