SAN RAMON, Calif. — Recent court filings present a window into the financial status of RTA specialist Z-Line Designs which filed for Chapter 7 bankruptcy protection in early November.
According to court documents, the company listed $483,349 in assets, including $333,293 in inventory; $25,000 in cash and cash equivalents; $16,334 in office furniture, fixtures and equipment; and $108,740 in security deposits for office, showroom and warehouse space.
It also has nearly $8.7 million in liabilities, which include $236,679 in claims from creditors with claims secured by property and $8.46 million in unsecured claims.
The creditors with the top secured claims include Continental Republic Capital LLC for $200,000 and Henglin Home Furnishings Co. Ltd. for $36,679.64, including furniture held in two containers at the Port of Oakland.
The amounts for creditors with unsecured claims range from a low of $14.30 for FedEx Trade Networks to $2.475 million for LF Centennial Limited, Whalen LLC. A total of 86 entities with unsecured claims were listed on recently filed court documents.
Company attorney E. Vincent Wood declined to comment on or provide further details about the case and instead referred any questions to Z-Line President James Sexton. Sexton was not immediately available for comment.
Founded in 1995, Z-Line Designs became one of the largest resources in the U.S. for ready-to-assemble furniture. In addition to home office furniture, including office chairs, it also offered entertainment and fireplace consoles and TV stands available mostly at promotional to lower-middle price points.
Some customers listed on its website included Costco Wholesale, Conn’s Home Plus, BJ’s, Best Buy, Big Lots, Amazon.com, Overstock.com, Wayfair.com, Georgia Patio, Bed Bath & Beyond, ATG Stores.com, Nebraska Furniture Mart, Macy’s. RC Willey, Sam Levitz, Scandinavian Designs, Office Depot, Sears, Staples, Target, Value City and Wal-Mart.
According to Furniture Today’s Top Sources listing of furniture manufacturers, the company had an estimated $232.5 million in U.S. furniture shipments in 2009, up 20.2% from the $193.4 million listed the year before. Published in 2010, this was the last year the company appeared on the listing.
According to court documents, the company had $37.87 million in gross revenues in 2019, up from $33.64 million in 2018. Year-to-date as of the Nov. 5 Chapter 7 filing, the company reported $10.75 million in sales.