Financial Crisis Hits California-Based Furniture Supplier, Owes Millions, Files for Bankruptcy
Major furniture retailer Noble House Furnishing, which is based in California, has filed for bankruptcy.
The business is a distributor, manufacturer, and retailer of indoor and outdoor home furnishings and works with some of the largest retailers in the U.S., including Amazon, Walmart, Costco, Wayfair, Overstock, Target, and Home Depot.
Noble House has blamed inflation and a decreased demand for furniture for its financial woes. In the court filing, Noble House stated it owed suppliers and warehousers in its supply chain approximately $10 million.
The business attempted to reduce costs by cutting staff and closing a warehouse facility earlier this year but couldn't avoid bankruptcy. Logistics and technology firm GigaCloud Technology will now attempt to acquire the ailing business.
It has been a tough year for those in the furniture industry.
Earlier this month, popular furniture retailer Mitchell Gold + Bob Williams ceased operations and closed all of its stores across the United States, while 60-year-old furniture manufacturer Klaussner abruptly ceased operations, causing 900 people to lose their jobs.
Are you disappointed to see so many businesses file for bankruptcy? Who is to blame for this? Do you fear we are heading for a recession?
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