CHANGES FOR A BRIGHTER FUTURE.Byline: BOB QUICK American Home For the American mortgage lender, see . The American Home is a center of intercultural exchange located in Vladimir, Russia. The home is designed to model a typical American suburban home and its main focus is the ESL school that provides lessons for Russian students. , an Albuquerque-based home furnishings chain with a store in Santa Fe Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. , has emerged from bankruptcy, nine months after filing for Chapter 11. "The judge approved the plan for reorganization Plan for reorganization A plan for reorganizing a firm during the Chapter 11 bankruptcy process. on Tuesday," said Ted Leveque, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the company. "We expect the plan to become effective in late August." Chapter 11 bankruptcy is available to individuals, corporations and partnerships. Unlike Chapter 13, it has no limits on the amount of debt and is the typical choice for large businesses seeking to restructure their debt. The plan foresees American Home paying nearly 300 unsecured creditors Unsecured Creditor An individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because they have nothing to fall back on should the borrower default on the loan. A debenture holder is an unsecured creditor. $1.3 million over two years while it continues to operate stores in Santa Fe, Albuquerque and Farmington. "We kept our three most profitable stores," Leveque said. Leveque also said that the Santa Fe store now has fewer employees than before the bankruptcy but that's due as much to the time of year as it is to the financial reorganization. "The number of employees fluctuates with the season," he said. "June and July are typically the two slowest months in the furniture business." American Home competes with Leishman's of Santa Fe and American Country Collection in a furniture market that also includes some high-end furniture stores as well as those offering less expensive furniture, Leveque said. American Homes closed six Arizona store at the time it filed Chapter 11 in November 2008. American Home had 400 employees when it filed for bankruptcy and now has "just under 200," Leveque said, adding, "We have restructured to be a viable business in this economy." Leveque said the business' emergence from bankruptcy was "significant for our company (and) for our industry. American Home is the first furniture retailer in [ETH eth n. Variant of edh. ] recent history to emerge from Chapter 11 bankruptcy. "Our company has undergone many changes, and we will emerge stronger and better positioned to continue our 70-plus year heritage in serving the New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). market." American Furniture Co. was founded in Albuquerque by Emanuel Blaugrund in 1936 in a store at 212 Central Ave. S.W. The company's flagship store, at Carlisle and Menaul boulevards in Albuquerque, opened in 1968. |
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