Heilig meyers liquidating trust
''Continued disappointing operating results coupled with an inability to secure alternate financing sources limit our ability to achieve the necessary strategic and capital improvements to compete in today's retail marketplace,'' Heilig-Meyers President and CEO Donald S. Shaffer took over the company last month after William C. De Rusha had come under increasing fire as Heilig-Meyers lost money in each of the last three fiscal years. ''We used to call Heilig-Meyers a bank disguised as a furniture retailer,'' Gassman said.
The company bolstered its revenue by financing furniture purchases for customers who had few other credit options.
Heilig-Meyers is the second furniture chain with Athens outlets to seek Chapter 11 protection this year.
Roberds closed its Athens store, 4435 Atlanta Highway, in May and held a liquidation sale over the summer.
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Bank of America and the former First Union bank bought the majority of the securities but went on to sell the bulk of them to institutional investors.
AIG and other investors bought about 0 million of the securities, which are now nearly worthless, the newspaper said.
I bought a riding lawnmower from heilig meyers 7/97 used it 2 times and it tore up. A month later they brought it back while while I was at work.
I went to move it when I got home it would not start.
The Athens store, managed by Jim Heaster and employing 12 people, will remain open.