CLEVELAND – The reopening of Levin Furniture stores under the family’s leadership means many employees will get their jobs back, and many customers won’t lose their deposits.
This, after Robert Levin and partners, bought most of the company out of bankruptcy. “It was very gratifying,” says Levin, who serves as Chairman of the Board of the new company.
Back in 2017, Levin sold the business to outside investors who appeared well-positioned to move the company forward.
But, Levin says, while the furniture business did well, it was dragged down by other parts of that company, and ultimately wound up in bankruptcy.
Employees lost their jobs, and customers were unsecured creditors – meaning they would be unlikely to get their deposits back.
Now, the new company has brought back many of the employees and promises to honor customers’ deposits. “That’s part of the commitment,” says Matt Schultz, the co-CEO of the new company.
The “new” Levin will operate five furniture stores in northeast Ohio, as well as three mattress stores. The company will also operate several locations in Pennsylvania.
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