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Domain Furniture Files Bankruptcy

1/21/2008 02:56:00 PM
Nothing screams recession like businesses going under. First Jasmine Sola (upscale women's clothing), then Alpha Omega (luxury watches/jewelry), and now Domain (upscale furniture).

According to today's globe, Domain has filed for Chapter 11 bankruptcy after "a months-long struggle to find new investors as sales decline." Good luck finding investors - the worldwide stock markets are plummeting.

Personally, my entire apartment is furnished with stuff from Ikea. I live in one big Ikea catalog. Except for my couch - that one's from Jordan's - but only because the couch I wanted from Ikea was sold out and I didn't want to wait.

When people don't have money to spend, high-margin luxury products like jewelry and furniture are going to be the first to go. Click (here) to read the Globe article.

UPDATE 3/10/08:
Click (here) for the latest article on the Domain saga.

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9 Response to "Domain Furniture Files Bankruptcy"

  1. BeanTownBoy Said,

    This is sad. I see businesses going under all the time, but usually small mom and pop's that can't sustain themselves through the slow times.

    Posted on 1/22/08, 8:13 AM

  2. Will Said,

    This is an economic "thinning of the heard". Businesses that can't survive the hard times will die off. However, those left will grow stronger and bigger.

    Just like nature, businesses have to learn to adapt. The mom & pop grocery store is a dinosaur and we're at the crest of another economic ice age.

    But life/business will go on....

    Posted on 1/22/08, 10:58 AM

  3. barbara Said,

    Whats sad is Domain lied to me for 2 months. I returned a defective chair and was due a refund. They kept telling me the check was sent out and knew they were going bankrupt. THANK YOU VERY MUCH!!!!!

    Posted on 1/23/08, 10:06 PM

  4. Anonymous Said,

    if you though you knew the real story think again. a socalled money backer got control of the company with a lot of promises , and then pulled the old corporate raider tine you think you asume you your homework.. this company was doing well 9 months ago ..the corporate raiders have close ties too the same liqudation company.. don't you just wish this stuff did not happen, alot of good people lost their deposits and their JOBS..

    Posted on 2/28/08, 10:40 AM

  5. Anonymous Said,

    This is so very sad. My entire apartment is domain furniture. No other store is like it. Superb quality, professional service and custom design to appeal to anyone's taste. So worth the extra$$$. I will miss them.

    Posted on 3/5/08, 10:15 PM

  6. Anonymous Said,

    I was a vendor to domain, they were always a late payer so when they went 120 days past due I was not toooo concerned. They stuck my small company for alot of money and I have had to lay off my employees and very well might lose my house. Losing that kind of cash flow for an American manufacturer is monumental. I just read that Judy George is very excited about starting a new project. Maybe she should take a moment and look backward at what damage she has done to people who trusted her word.

    Posted on 3/13/08, 11:05 PM

  7. Beantown Bloggery Said,

    Dear Anonymous,
    I'm so sorry to hear about your situation. I hope that things turn around for you soon. Is there any recourse for you to recoup any of the unpaid bills from them? Shouldn't the money raised from their liquidation sale be used to pay off bills like the ones owed to you?

    Posted on 3/14/08, 10:53 AM

  8. Anonymous Said,

    Thanks for your comment. No, I will get nothing as I am an unsecured vendor, which almost never get anything. Being a MA company we even called Judy George and offered to barter for some furniture but she said she could not do that either. I hold no hope of getting anything and have to focus on trying to keep my small business above water till the economic climate changes.

    Posted on 3/16/08, 12:17 PM

  9. Anonymous Said,

    How distressing to find that Domain is still profiting from their name by keeping the website going and selling advertising. 18 months after they declared and stuck all their vendors, they are working every angle. You would think they would pay some of the people they owe (like me, $15,000) but that will never happen. Legal thiefs.

    Posted on 7/17/09, 6:52 PM

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