Wood stove seller files for bankruptcy
A wood and pellet stove retailer has closed its three southern Maine locations and filed for bankruptcy.
Finest Hearth Inc. on Monday filed a voluntary petition for Chapter 7 bankruptcy and has closed its Finest Hearth and Home stores in Portland, Yarmouth and Topsham, according to the Portland Press Herald. The company is liquidating its assets, estimated at $1.3 million, and its liabilities were estimated at $2.2 million. The company's unsecured creditors include more than 200 customers who paid deposits ranging from $10 to $10,000 on products, totaling more than $450,000. According to bankruptcy documents, Finest Hearth's gross sales dropped from $5 million in 2009 to $3.2 million in 2010, reflective of the struggles that many wood and pellet stove sellers experienced over the last year, Leslie Wheeler of the Hearth, Patio and Barbecue Association told the paper. There was no word on how many employees are affected by the closures.
With roots dating to 1974, Finest Hearth was formed in 2005 through a merger of Black Stove Shops and Finest Kind, at which time the company also had stores in Augusta, Bangor, Lewiston and Waterville.
Go to the article from the Portland Press Herald >>
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