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The people's court.

The People's Court

Freddy Walloch of Walloch's Home Center fame has been taking a pounding ever since General Electric Credit Corp., now known as GE Capital Corp., pulled out as his financing source. But Walloch isn't going to take matters into his own hands; he's taking GE to court.

"I've been in business for 37 years, and this is the only company I've ever sued," Walloch says of the $5 million suit against the credit corporation.

His contention is that GE, which provided money for customer financing, said he would have to generate $10 million worth of finance business to keep the contract with the company. Walloch couldn't go that high, and GE dropped him. Walloch charges that GE was trying to force him out to reel him in to another, higher-interest arrangement.

Changes in his credit system have hurt Walloch. He's lost more money in 1989 than in any of the previous 37 years in business and has filed suit to try to recapture the losses. He expects GE to countersue.
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Title Annotation:Whispers; Walloch's Home Center financing case
Publication:Arkansas Business
Date:Jun 4, 1990
Previous Article:Sold on service.
Next Article:A commercial investment with a continental flair.

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