Bombay Company files for bankruptcy
Fort Worth, Texas-based specialty home decor retailer Bombay Company said today it has filed for Chapter 11 bankruptcy protection.
Bombay said it has a commitment for debtor-in-possession financing from General Electric Capital and GE Canada Finance Holding, though the financing is contingent on the approval of the company’s bankruptcy filing. The company also is seeking bankruptcy protection from creditors for its operations in Canada.
In its most recent quarterly report, Bombay lost $15.4 million, slightly narrower than $15.6 million in losses in the same period last year.
In its filing with the U.S. District Court in Fort Worth, Texas, Bombay said it has $239.4 million in assets and $173.4 million in debts as of May 5. The company plans to continue to pay employees and suppliers and would honor returns and exchanges from customers.
“After considering a wide range of alternatives, this course of action was seen as the best route to help preserve our internationally respected brand while working to secure our future,” said CEO David Stewart in a statement.
He added that the company expects to emerge from bankruptcy and operate as usual following the filing.
Bombay designs, sources and markets home decor products through 384 retail outlets and an e-commerce site.
Boise relocates distribution center
Boise Building Materials Distribution (BBMD), a division of Boise Cascade, has announced the relocation of its distribution center to Auburn, Ga., from Tucker, Ga.
The new 155,000-square-foot, 38-acre facility includes rail service and 18 acres of paved inventory storage. The facility also includes a 12,000-square-foot office space. All 41 employees from the former distribution center facility have relocated to the newly opened center, according to the company.
“The move allows us to be more efficient and to continue growing our sales and customer service in the Atlanta market, and enhances our core value of safety for our employees,” said Stan Bell, senior vp-BBMD.
Ron Lee, BBMD branch manager, said the larger site helps improve efficiency and daily handling of materials. OThe larger space means we can offer a wider variety of products unique to the southern building market,O he said.
According to Boise, this is the third new or relocated facility BBMD has opened since January 2006.
BBMD is a wholesale distributor of building materials with 31 distribution branches in the United States.
Lowe’s announces plans for Canada
Lowe’s will open its first three stores in Canada the week of Dec. 10, according to a statement from the Mooresville, N.C.-based retailer.
Lowe’s plans to open the three stores — the first of six stores expected to open during fiscal 2007 — in Brantford, Hamilton and Brampton. A Toronto store is slated to open in late January.
Lowe’s plans 18 additional sites in Canada.
“Lowe’s Toronto management team has been working hard for nearly two years to open the first of many stores we plan for Canada,” said Don Stallings, president of Lowe’s Canada. “These first openings illustrate our steadfast focus on delivering an outstanding shopping experience, including the best prices, products and service to our new Canadian customers.”
The company opened its Toronto office in 2006, and on Sept. 15, Lowe’s began holding hiring fairs for Canadian store employees.
Lowe’s currently operates more than 1,425 stores in 49 U.S. states.