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The company announced that it will close 17 of its 76-store inventory. Retailers owned by outside financial firms have not fared well over the past few years, with many-from Toys “R” Us to Payless Shoe Store-succumbing to overbearing debt. Although the founders retain shares in Z Gallerie, it seems they were eventually succeeded by outside management: The 2009 filing was announced by Mike Zeiden yesterday’s statement came from interim CEO Mark Weinstein. When the chain emerged from Chapter 11 later that year, it had shed 25 of its stores, but the founding family was still running the show-and still adhering to the same merchandising strategy that emphasized an odd mix of glam, retro and American regional design.īut five years later, things changed big-time when the family sold a majority stake to Brentwood Associates, a Los Angeles–based private equity firm whose other holdings include apparel brand Marshall Rousso, and clothing and accessories catalog brands Soft Surroundings, Beyond Proper by Boston Proper, and J. In 2009, Z Gallerie became another casualty of the Great Recession’s destructive path across virtually all of American retail. (“From huge antique wall clocks and oversized mooshy pillows to retro black and white prints and bronze fish they have almost everything you could want or fit in your tiny abode,” wrote one Yelp reviewer in 2008.) Thirty years later, the company had opened 57 stores from coast to coast, including a location on Broadway in lower Manhattan. A few years later, they opened a separate home decor store before combining the businesses under the Z Gallerie banner. Sibling trio Carole Malfatti and Joe and Mike Zeiden founded the company in 1979, opening a poster shop in Sherman Oaks, California, and framing posters in their parents’ garage at night. So where did the company go wrong? Was it the brand’s out-of-touch merchandising, or is Z Gallerie just another private equity victim? For those keeping score, the correct answer is probably a little bit of both. And although the company says it will remain in business while closing some of its stores, this Chapter 11 go-round is likely to be very different. In 2016, Z Gallerie agreed to pay $15 million to settle the allegations.Home furnishings specialty chain Z Gallerie filed for bankruptcy yesterday-its second time to do so since 2009. As part of the investigation, the Department of Justice claimed that Z Gallerie and its suppliers mislabeled products they were importing into the United States in order to avoid customs duties. In early 2014, the Department of Justice launched an investigation into a number of wooden bedroom furniture manufacturers who imported goods from China and the retailers to whom the furniture was sold.
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It was also announced that 17 locations would be closed with more closures being planned. The acquisition included the retailer's headquarters in Gardena, California and at least 32 stores. On July 1, 2019, it was announced that DirectBuy acquired Z Gallerie's assets through a bankruptcy auction for $20.3 million.
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Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. On March 11, 2019, Z Gallerie announced that it has filed voluntary petitions to restructure under Chapter 11 of the U.S. On October 14, 2014, it was announced that Brentwood Associates Private Equity V LP acquired a majority stake in the retailer. On October 27, 2009, the retailer announced they had emerged from Chapter 11 bankruptcy with a $22 million financing package from Wells Fargo Business Credit. On April 10, 2009, the 54-store chain filed for Chapter 11 bankruptcy. In June 1983 they combined their two stores under one roof and opened its first combination store, which included art, home furnishing and home accessories in San Francisco, California. In 1982, the company diversified into home furnishings with the opening of its "Metro Dezign" store in Santa Monica, California. Their vision was to create a collection of fashion-forward and exclusive home furnishings, art and accessories at an affordable price. They began to conceptualize stores that carried more than just poster art. They moved their production poster company out of their childhood home and into an actual warehouse and before long, the young siblings had a number of locations across Los Angeles, California. Together, they operated the store during the day and framed posters at night in their parents garage in Van Nuys, California. In 1979, three siblings, Joe Zeiden, Carole Malfatti and Mike Zeiden opened a small poster shop in Sherman Oaks, California.