RETAILING : Chandler’s Liquidation Sale to Start at Noon Today at 2 Furniture Stores
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The long-awaited liquidation sale at Chandler’s furniture stores in Santa Ana and Laguna Hills is scheduled to start at noon today.
The sale was announced this week by Norwest Business Credit Inc., Chandler’s largest creditor. Norwest will conduct the sale.
The Minneapolis lender has claimed that it is owed $2.9 million on loans made to Chandler’s, one of Orange County’s oldest businesses.
Because it has a secured lien on the stores’ inventory, Norwest has taken possession of the furniture and plans to sell it to pay off or reduce the debt.
The liquidation sale had been scheduled to occur on at least two previous dates, but in both instances the stores failed to open as promised.
“Delays were unavoidable. We had to get the correct permits and do things properly,” said Greg Wilson, Norwest’s senior loan administrator. Now, Wilson said, “everything is ready to go.”
An attorney for Chandler’s, John Baker of Newport Beach, said the owners of the business hope to pick up the pieces and keep the stores open once Norwest is finished selling the existing inventory.
Baker said that Chandler’s has “a handshake deal” to secure financing to allow the retailer to continue operations. “We have an agreement in principle,” Baker said.
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