Schottenstein family-founded national chain files for bankruptcy due to economy, cuts 256 Ohio jobs
Another Columbus-based furniture company filed for Chapter 11 bankruptcy protection, and this time, it wasn’t Big Lots.
American Signature Inc., known as Value City Furniture here in Central Ohio, filed for this bankruptcy on Friday in Delaware, “in the face of ongoing macroeconomic headwinds that have impacted the entire home furnishing industry,” said the press release.
The company is now up for sale. According to a WARN notice issued in Ohio, 256 Ohio jobs will be cut, with 326 total job terminations beginning January 20. The 4300 East Fifth Ave. offices in Columbus will also close due to “significant decline in sales, resulting liquidity challenges and the Company’s anticipated Chapter 11 bankruptcy filing.”
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According to Furniture Today, American Signature Furniture and Value City Furniture reported estimated assets of $100,000,001 to $500 million versus estimated liabilities of $500,000,001 to $1 billion to an estimated 1,000 to 5,000 creditors.
The Top 100 retailer, which accumulated over $1 billion in sales in 2024 (according to Furniture Today), was originally founded by the Schottenstein Family. After World War II, E.L. Schottenstein dedicated a portion of the family business to furniture, renaming it Value City Furniture. In 1948, Alvin Schottenstein took it over, and in 1984, Jay Schottenstein was named company president. “The innovation continues today under Jonathan Schottenstein’s leadership, and thanks to a modern approach to the idea of value: style and quality paired with affordability, service versus selling and doubling down on our commitment to an exceptional delivery experience,” says Value City Furniture’s website.
Three Value City Furniture stores closed in Michigan, and four more are closing in Nashville. There are five stores here in Central Ohio, but it’s unclear if they’ll be closing.
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