Chapter 7 Ends NPR Story on Massachusetts and Rhode Island Retailer
NPR has been following Bowl & Board, a family-owned chain of house furnishing stores with shops in Massachusetts and Rhode Island. Things have been tightening up for the store that specializes in outfitting college students and new apartment renters with household essentials.
But after months of slow but steady financial losses, owner Mark Giarrusso finally decided to file chapter 7 bankruptcy.
The liquidation of his three stores will mean a disappointing end to this long-running NPR story. For months, Giarrusso had been pulling out all the stops to try to keep his business alfoat. He moved one store to a new location with a cheaper rent, stopped giving customers bags, offered a variety of sales and promotions.
And, as so many have seen, in this economy it just wasn’t enough. Much of Giarrusso’s business came from new apartment renters. College students moving into new houses in the fall would annually stock up at his stores. But as belts tightened, fewer people moved to new homes and apartments, and many more simply made do with what was on hand.
Giarrusso’s financial troubles started when slow sales led him to fall behind on rent at one of his stores. He tried to work out a repayment plan with the landlord and needed an $18,000 loan just to get started.
But he fell further behind, and when the property owners filed lawsuits he filed bankruptcy. Just recently he covereted to a Chapter 7 bankruptcy filing and will now liquidate the stores.