Iconic furniture store declares bankruptcy with 33 stores closing, including 1 in Chicago suburb

The 75-year-old parent company of the iconic furniture and home furnishings store Value City has filed for bankruptcy, with more than 30 stores set to close for good across the U.S. including one at a busy mall in the north Chicago suburbs.

Value City Furniture parent company American Signature Inc. filed for Chapter 11 bankruptcy last month, a Nov. 23 release announced, The company has since began a court-supervised sale process, with the hopes of a “competitive auction” in the coming days.

Rudy Morando, Co-Chief Restructuring Officer for ASI, cited “ongoing macroeconomic headwinds” impacting the home furnishing industry as part of the reason for filing.

The company has carefully evaluated its options to assess the best path forward in the current operating environment,” Morando said in the release. “Through that review, we determined that entering a court-supervised process will provide the best opportunity to maximize value. We deeply appreciate our team members, customers, and partners and are determined to serve them throughout this process.”

Select Value City Furniture and American Signature Furniture stores will remain open through the process, a letter posted the company’s website said, with major discounts on living room, dining room, bedroom collections along with decor, lighting, mattresses and rugs.

Other stores, the company said, will close.

“Some store locations have been identified for closure and are currently conducting Store Closing sales where the entire store is on sale,” the letter said.

According to the site, 33 locations across the U.S. have been slated for closure, including many in the Midwest. In Illinois, the Gurnee Mills store at 6116 Grand Ave. will shutter. A full list of Midwestern stores that will close can be found below.