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C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
Founded in 1948, the family-owned company operates American Signature and Value City Furniture outlets in Ohio, Pennsylvania, New York, Delaware, Maryland and Virginia.
The company blames “ongoing macroeconomic headwinds that have impacted the entire home furnishing industry” for its financial distress.
ASI has commenced an auction of its assets and hopes to enter a stalking horse purchase agreement to maximize value for the benefit of all shareholders.
It urges customers to stock up on living/dining/bedroom collections, lighting, mattresses and rugs that will be sold at a discount during the court-supervised bankruptcy.
ASI has lined up $50M in debtor-in-possession financial from Second Avenue Capital Partners to support operations through Chapter 11 and the sale process.
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