Home furnishing retailer American Signature Inc. has filed for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the District of Delaware and is pursuing a sale of its assets, the company said in a Nov. 23 statement.
According to the petition filed on Nov. 22, American Signature owes money to an estimated 1,000 to 5,000 creditors and has assets in a range of $100 million to $500 million, with liabilities estimated to be between $500 million and $1 billion.
A Nov. 11 filing made by co-chief restructuring officer Rudolph Morando said that American Signature had experienced opportunistic growth during the COVID-19 pandemic but has since faced “significantly decreased sales volume” over the past year….