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Z Gallerie, Ultra File for Bankruptcy

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Two more retailers filed for bankruptcy. Ultra Stores--with 181 locations--and Z Gallerie.

Z Gallerie Inc., a Gardena, Calif.-based home decor retailer with two stores in Dallas, filed for Chapter 11 bankruptcy Friday.

The privately held chain said it voluntarily filed to remove its liability from leases and to strengthen its balance sheet.

Last month, it closed a distribution center in Atlanta and 21 stores, leaving several markets. A spokesman said there are no plans to close its seven Texas stores.

Z Gallerie operates 56 stores in 18 states.

Link.

Bankruptcies and Liquidations:

Potential Bankruptcies & Liquidation Impact: 1,362 confirmed closures out of about 2,713 stores

Announced Closings

Total Closings: up to 1,175 U.S. stores

Potential Impact of All Announcements to Date: 2,537 closures out of up to 3,888 potentially affected U.S. stores

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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