Gift/Home Decor Retailer Z Gallerie OK'd to Pay Vendors
Says it has cash to continue operations
By Clint Engel, Furniture Today -- Gifts and Dec, 4/29/2009 2:52:00 PM
Gardena, CA — Gift and home decor retailer, Z Gallerie has been given the go-ahead from bankruptcy court to pay its vendors, reports Furniture Today, a sister publication to Gifts & Decorative Accessories. The retailer, which filed for Chapter 11 bankruptcy protection on April 10, received the approval to pay its vendors going forward, saying that it has the cash to continue operating its 57 stores. Since the filing, it also received court permission to pay any pre-petition wages and benefits, as well as to honor existing customer programs and deposits.
According to the Furniture Today Ireport, vendors doing business with the retailer will be paid on an administrative priority basis for goods and services received after the filing date. Bankruptcy law prohibits outstanding payments for goods and services received by the retailer before then, the company said.
Z Gallerie closed 21 underperforming stores earlier this year. It now operates 56 full-service stores and an outlet in 18 states.
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