December 8, 2008, 12:00 AM

iFloor files for Chapter 11

E-retailer iFloor has filed for Chapter 11 bankruptcy in Seattle, the company announced Thursday. The flooring retailer says it will undergo the orderly administration of its assets and creditor claims.

Katie Evans

Managing Editor, International Research

E-retailer iFloor has filed for Chapter 11 bankruptcy in Seattle, the company announced Thursday. The flooring retailer says it will undergo the orderly administration of its assets and creditor claims.

In a statement, iFloor said it has been hurt by the economy, particularly the slowing of the housing and remodeling industries. It cited estimates by the Harvard Joint Center for Housing Studies projecting remodeling spend to continue to fall after dropping nearly 13% year over year in Q2.

The company said it has in recent months made attempts to reduce operating expenses and find new funding sources, but that the decline in housing investments and the economic climate convinced it that Chapter 11 was the best option.

The homepage of iFloor’s e-commerce site says over the next several days iFloor will be clearing out inventory and that over $2 million in inventory will be sold.

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