| Former type | Private company |
|---|---|
| Industry | Furnishings |
| Fate | Bankrupt |
| Founded | 1971 |
| Defunct | 2008 |
| Headquarters | Wheeling, Illinois, U.S. |
| Products | Home Furniture |
Wickes Furniture, owned by Sun Capital Partners, was a privately held chain of furniture stores based in Wheeling, Illinois.[1] The company was founded in 1971 with a showroom in Fridley, Minnesota, and at its peak operated 43 stores in California, Illinois, Indiana, Nevada, and Oregon.[2]
The company, despite its expansion into other markets, declared bankruptcy in 2008, and eventually went into liquidation for failure to find a buyer or an investor.
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After its founding in 1971, Wickes Furniture had grown to 43 showrooms and five distribution centers. The company had over 1,700 employees, making it one of the top 25 furniture retailers in the United States.
In March 2004, John Disa was hired as president and CEO of Wickes Furniture by private investment firm Sun Capital Partners. Before he joined Wickes, he spent most of his career in athletic shoe businesses.[3]
In May 2007, Wickes Furniture announced it would close five stores in Minnesota and a Brooklyn Center distribution center,[4] as part of its plan to focus its resources in expanding into markets in California, Chicago, Portland, and Las Vegas.
In mid to late 2007, however, the furniture industry was hit hard by the high cost of fuel prices and subprime lending markets. Wickes Furniture filed for Chapter 11 bankruptcy protection on February 3, 2008. At that time, Wickes operated 38 stores. The company listed debts of more than $50 million and assets of less than $50,000.
On February 14, 2008, it was announced by Richard Clausing, the company's chief financial officer,[5] that Wickes Furniture needed a buyer or an investor by February 25, 2008 to recapitalize the company and to keep from shutting its doors due to a deadline set by the court and creditors.[6] None of them came forward, so Wickes, with bankruptcy court approval, commenced its liquidation sales in March 2008, and closed all of its remaining stores.[7]