Queens Boulevard Levitz Set To Close

Levitz Home Furnishings Inc., one of the largest furniture chains in the United States, is closing 35 of its top 120 stores nationwide, including its Queens Boulevard store located at 86-06 Queens Boulevard.
An official date for the store’s closure has not been announced, but it is expected that all of the 35 stores will be closed by May 31.
After Levitz filed for bankruptcy in October, Prentice Capital Management LP, a New York-based money management organization that owns significant stakes in The Wet Seal Inc. and KB Toys, Inc. acquired Levitz’s assets at a total value of $70 million. The agreement accounts for assuming the debtor’s liabilities as well as fulfilling the debtor’s customer deposit obligations with the product.
The new owners plan to focus on the West Coast and New York Metropolitan markets, while exiting the areas surrounding Philadelphia and Connecticut.
Shortly after Prentice Capital acquired the company, it entered into a new $55 million credit facility with GE Commercial Finance, and Prentice provided an addition $50 million in funding.
“Levitz is a great addition to our portfolio of companies, and we believe that there is a significant opportunity here,” said Jonathan Duskin, Managing Director of Prentice Capital Management LP. “With the financing and a reinvigorated merchandising strategy, Levitz will be in a great position to take advantage of its strengths as one of the most recognizable brand names in America while providing customers with high quality merchandise and service.”
Prentice did not make clear at this time how many employees would be terminated, but the affected employees would be paid through at least January 31.