A longtime retailer may stay put on Pine Avenue after all.
After a September announcement that Z Gallerie was leaving downtown, the furniture store will now remain open at the 230 Pine Ave. building and has even reopened its second floor for retail.
"Although the building at Pine Avenue is for sale (has been for some time), the intention is to continue to lease space in the building for our store," said Dan Hilley of The Abernathy MacGregor Group, which is speaking for the Gardena-based company.
News of the stay comes after Z Gallerie chose recently to reorganize under Chapter 11 last month to reinforce its balance sheet and eliminate liability from the leases associated with 21 closed stores and an Atlanta distribution center. Three stores closed in California as part of the nationwide scaling back and one additional store in Pasadena was closed when the lease expired at the end of March.
"In light of current economic conditions, our company has had to make some difficult decisions," Chief Financial Officer and company co-founder Mike Zeiden said in a statement. "Restructuring through Chapter 11 will allow us to eliminate certain lease liabilities from discounted stores and to continue to operate and serve our customers well."
The remaining Z Gallerie stores -- 56 nationwide, including 21 stores and one outlet in California -- will remain open "without interruption."
"The company has sufficient cash to operate all aspects of its business, including custom furniture orders through its stores and Web site, and has received court approval to do so," according to the company's release.
In September, co-owner Joe Zeiden said the lack of retail and attention on the street led him to put his building up for sale. Z Gallerie has been on Pine Avenue since 1993.
After a September announcement that Z Gallerie was leaving downtown, the furniture store will now remain open at the 230 Pine Ave. building and has even reopened its second floor for retail.
"Although the building at Pine Avenue is for sale (has been for some time), the intention is to continue to lease space in the building for our store," said Dan Hilley of The Abernathy MacGregor Group, which is speaking for the Gardena-based company.
News of the stay comes after Z Gallerie chose recently to reorganize under Chapter 11 last month to reinforce its balance sheet and eliminate liability from the leases associated with 21 closed stores and an Atlanta distribution center. Three stores closed in California as part of the nationwide scaling back and one additional store in Pasadena was closed when the lease expired at the end of March.
"In light of current economic conditions, our company has had to make some difficult decisions," Chief Financial Officer and company co-founder Mike Zeiden said in a statement. "Restructuring through Chapter 11 will allow us to eliminate certain lease liabilities from discounted stores and to continue to operate and serve our customers well."
The remaining Z Gallerie stores -- 56 nationwide, including 21 stores and one outlet in California -- will remain open "without interruption."
"The company has sufficient cash to operate all aspects of its business, including custom furniture orders through its stores and Web site, and has received court approval to do so," according to the company's release.
In September, co-owner Joe Zeiden said the lack of retail and attention on the street led him to put his building up for sale. Z Gallerie has been on Pine Avenue since 1993.
Karen Robes Meeks came to work for the Press-
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