When it comes to the home improvement sector, there have been sizable struggles, primarily because of a challenging housing market and consumers’ reluctance to invest in renovation projects.
As a result, these chains are having a hard time.
Home Value Store, a rival to Home Depot and Lowes, filed for Chapter 11 bankruptcy protection earlier this month as the home-improvement retail chain faces legal claims from creditors.
The family-run chain, which was founded in 2015 and operates three locations in Florida – Fort Lauderdale, Bartow and Hialeah – filed in the U.S. Bankruptcy Court for the Southern District of Florida on June 2, listing assets of $1 million to $10 million and liabilities of $500,000 to $1 million, per the filing on PacerMonitor.
The petition gave no specific reason for filing for bankruptcy, TheStreet reported.
Home Value Store’s largest creditors include the US Small Business Administration, which is owed $350,000, the Florida Department of Revenue, which is owed over $303,000, and Porsche Financial, which is owed $40,000. Additionally, other smaller accounts from civil lawsuits are included, according to court papers.
The retail chain specializes in providing functional hardware, high-tech surfaces, laminate floors, decorative finishes and more.
The chain’s stores serve contractors, builders, remodelers, and homeowners in South Florida; it has a fleet of 15 trucks used for timely delivery of product delivery to customers, according to its website.
