Bombay to Shut Down U.S. Operations
The home furnishings stores of The Bombay Co. Inc. are going out of business across the country.
Bombay, which filed for bankruptcy in September, said a joint venture of Gordon Bros. Retail Partners and Hilco Merchant Resources submitted the winning bid for the retailer's U.S. inventory.
The winning bidders plan to shut down Bombay's U.S. stores and keep its Canadian stores open, the Fort Worth-based company said.
A U.S. bankruptcy court and an Ontario court must approve Bombay's plan. A hearing is scheduled for Monday in Fort Worth.
If the plan wins approval, the bidders will begin going-out-of-business sales at Bombay's U.S. stores as early as next week, the company said.
The amount of the bid was not disclosed.
David Stewart, Bombay chief executive officer, said the stores will remain open through the holiday season.
Bombay operates about 400 stores in the U.S. and Canada, selling home accessories, wall decor and furniture. It employs about 3,600 people, including more than 200 at its Fort Worth headquarters. ( AP )