by ACTON, Mass. — Retailer Circle Furniture has filed for Chapter 7 bankruptcy protection in the United States Bankruptcy Court for the District of Massachusetts.
In its Jan. 30 filing, it cited assets between $1 million and $10 million and liabilities between $10 million and $50 million. It also said there are between 200 and 999 creditors with claims in the case.
It also listed a finished goods inventory estimated to be valued around $3.5 million at cost. In the filing, it said it believes the liquidation value of these goods exceeds the debt owed to its secured creditor based on conversations and negotiations with a furniture liquidator with knowledge of the case.
The filing also lists a number of unsecured claims ranging from deposits made by customers to debts owed to suppliers and service providers.
Most of the tens of thousands of dollars worth of deposits collectively were made by customers in the New England region including Massachusetts, New Hampshire and Maine.
