Marden's selling defunct Maine Cottage furniture
Discount retail chain Marden's has purchased the tangible assets of shuttered furniture store Maine Cottage and is selling the items in its Scarborough and Lewiston stores.
Marden's co-owner and furniture buyer John Marden told Mainebiz that the first two shipments of furniture delivered to those two stores last Friday and Saturday have mostly sold out. Maine Cottage, a Yarmouth-based upscale furniture and home decorating store, abruptly closed sometime earlier this year, also shuttering stores in West Palm Beach, Fla., and Charleston, S.C. Marden's has sent a tractor-trailer truck to Charleston to pack up that store's inventory tomorrow and Thursday, and expects to have the items back to Maine by Friday or Saturday, Marden said. The company chose to sell the furniture in its Scarborough and Lewiston locations because they are closest to Maine Cottage's headquarters, and alerted customers via a notice on its Facebook page. The prices are 65% off the retail price, according to that notice.
Marden's negotiated for about three weeks with KeyBank, which has a lien on the assets and is liquidating them. The assets of the Florida store are still up in the air, as a battle continues between the bank and that location's landlord, Marden said. The assets include equipment in Maine Cottage's warehouse space, such as a forklift, pallets, paint and even $23,000 worth of cardboard. The total value of the inventory is $1.7 million.
Marden said the Maine Cottage furniture has been popular among its customers, saying the brand "had more of a following than I thought it did."
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