[ALERT] American Signature Furniture Files For Bankruptcy, Exiting Atlanta Market

American Signature Furniture is in the process of closing its stores in metro Atlanta as part of a corporate exit from multiple markets.  

The Columbus, Ohio-based retailer currently operates seven stores throughout metro Atlanta, all of which are currently offering liquidation sales on in-stock merchandise, with select exclusions, according to signage at the stores.  

ToNeTo Atlanta visited the American Signature Furniture store on Cobb Parkway in Smyrna Friday afternoon and saw liquidation signage already in place with a giant "STORE CLOSING" banner about to be installed.  Store employees indicated that the sale is expected to continue though mid- December but that the store could remain open slightly later, or close slightly sooner, depending on the velocity of their sale.  

On Saturday, the company announced it had filed for Chapter 11 bankruptcy.  

"American Signature, Inc. (“ASI” or the “Company”), one of the nation's leading home furnishings retailers and the parent company of Value City Furniture and American Signature Furniture, today announced it has filed voluntary petitions for chapter 11 relief in the United States Bankruptcy Court for the District of Delaware (the “Court”).  In order to maximize value, the Company has commenced a sale process pursuant to Section 363 of the U.S. Bankruptcy Code in the hope of a competitive auction within approximately 45 days to elicit higher value for the benefit of all stakeholders. ASI expects to enter into a stalking horse asset purchase agreement (the “APA”) with ASI Purchaser LLC under which, subject to Court approval, ASI Purchaser LLC will acquire substantially all of the Company’s assets and assume certain related liabilities."

The company currently operates seven stores in metro Atlanta: 

3755 Carmia Drive, Atlanta   

2540 Cumberland Boulevard, Smyrna   

1972 Mt. Zion Road, Morrow  

2918 Turner Hill Road, Lithonia  

3900 Venture Drive, Duluth  

7461 North Point Parkway,  Alpharetta  

840 Barrett Parkway NW,  Kennesaw

In addition, the company operates a 350,000 square foot distribution center in Thomasville, in south Georgia, that is also expected to close.  

The company in 2008 closed a store at Lenox Marketplace (now The Block at Phipps) along Peachtree Road in Buckhead.  

In addition to the Atlanta area stores, the company is reportedly also exiting the Tennessee and North Carolina markets with four and three stores, respectively.  Stores (under both the American Signature and Value City banner) remain open in and are reportedly not actively liquidating in Florida, Virginia, West Virginia, Maryland, Missouri, Ohio, Indiana, Illinois, Pennsylvania, Michigan, Delaware, New York and Kentucky.   

American Signature Furniture and Value City Furniture are owned by a holding company called Schottenstein Stores Corp., a entity controlled by Jay Schottenstein and his family.  Schottenstein Stores also has stakes in DSW and American Eagle Outfitters, among other holdings.  The company previously operated the the Value City discount department store chain including Atlanta area locations on Buford Highway in Doraville and Cobb Parkway in Marietta, but the company filed bankruptcy and ultimately closed all its stores in 2008. 

Are you surprised to see American Signature Furniture exit the Atlanta market?  Where did you make your last furniture purchase?  What would you like to see open in the soon to close American Signature Furniture stores in metro Atlanta?  

Please share your thoughts below.