09 May, 2011
Defunct Maine Cottage Furniture owes vendors, customers, landlords
Posted by: admin In: furniture
Furniture Today Staff — Furniture Today, May 9, 2011
YARMOUTH, Maine — Former manufacturer and retailer Maine Cottage Furniture owes money to vendors, customers and landlords, but there may be little left to recoup, the Portland Press Herald reports.
Maine Cottage closed in February after more than 20 years in business. KeyBanc, which had a lien on the company’s assets, sold the inventory at a discount and also sold the company’s intellectual property, the Press Herald said.
Maryland-based Russell McKenna acquired the intellectual assets and plans to relaunch Maine Cottage as an online furniture store in July. Larry Strassner, Russell McKenna’s president, said the company is trying to accommodate the former Maine Cottage retail customers who can’t get their money back from credit card companies with “as much of a discount as we can provide depending on what was on order,” the newspaper said.
Some vendors to the former company, meanwhile, are seeking relief in court, including a moving firm owed $200,000 and a landowner who says he’s due $1 million on a store lease through 2017.
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