Heilig-Meyers files for Bankruptcy

Wednesday, August 16th 2000, 12:00 am
By: News On 6

Richmond, V.A.(AP)--Home furnishings retailer
Heilig-Meyers says it's filing for Chapter-eleven bankruptcy

The Richmond-based chain announced today it will close 302

Nationwide, 4,000 jobs will be cut.

The troubled retailer has been having problems with its

In recent weeks, many of Heilig-Meyers' furniture suppliers
either stopped shipping products to the company or required the
company to pay cash.

The bankruptcy protection will enable Heilig-Meyers to reduce
overhead and focus on operations that have been most profitable.

Heilig-Meyers was founded in 1913 in Goldsboro, North Carolina.
It grew to a chain of more than 1,200 stores at its high point
in 1998.

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