Jones Day successfully files Levitz Home Furnishings bankruptcy
Clients Levitz Home Furnishings Inc.
Jones Day successfully prepared and filed chapter 11 cases on October 11, 2005 on behalf of Levitz Home Furnishings, Inc. and its subsidiaries. With almost $1 billion in annual sales and over $430 million in total debt, Levitz filed for chapter 11 relief in order to gain access to additional liquidity that it will use to complete its restructuring efforts and continue on as one of the nation's leading specialty furniture retailers for years to come. Levitz, with the assistance of Jones Day, has already obtained $90 million in postpetition financing that will ensure satisfaction of its postpetition obligations to its vendors, customers, and employees while it moves quickly to raise even further capital through a reorganization plan or going-concern sale.