"Circle Furniture closed its doors at the end of December and soon laid off its 65 employees, according to the Boston Globe. Robert and Freda Tubman founded the company in 1952, before they passed it down to their children. The company touted itself as a retailer of local, high-end, and sustainable furniture."
"The company filed for bankruptcy at the end of January, listing hundreds of customers who paid down deposits on furniture they were still waiting to be delivered. Other small vendors were also out thousands. The company reported about $2.27 million in assets and nearly $14 million in liabilities, which might make it difficult for creditors further down the line to recover any money."
"Paul E. Spaerstein Co. Auctioneers & Appraisers is hosting auctions between March 19 and April 29. Each store location and warehouse will have a separate auction. Items up for auction range from couches, desks, and cabinets to ceramic wall planters, store decor, and staging artwork."
Circle Furniture, a longtime Massachusetts furniture retailer specializing in local, high-end, and sustainable furniture, abruptly closed in December and subsequently laid off 65 employees. The company filed for bankruptcy in January after new owners Robert and Paula Richard expanded operations by opening stores in the Seaport and Portsmouth, New Hampshire, plus a Hyannis location in May. The bankruptcy filing revealed approximately $2.27 million in assets against nearly $14 million in liabilities, with hundreds of customers having paid deposits on undelivered furniture and small vendors owed thousands. Paul E. Spaerstein Co. Auctioneers & Appraisers is conducting separate online auctions for each of the eight store locations and warehouse between March 19 and April 29, selling couches, desks, cabinets, planters, and store decor.
Read at Boston.com
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