Wickes falls victim to weaker economy

Wickes Furniture Co., a U.S. retailer with 37 showrooms in four states, filed for bankruptcy protection from creditors.

The company, based in Wheeling, listed debt of between $50 million and $100 million and assets of between $10 million and $50 million in Chapter 11 documents filed Sunday in U.S. Bankruptcy Court in Wilmington, Del.

The board of directors authorized the company to file a voluntary petition for reorganization due to the "financial condition of the corporation," according to court documents.

Wickes Furniture, founded in 1971, was named a Top 25 Furniture Retail Leader by trade magazine Furniture Today in 2006, according to the company's Web site. Its home furnishing stores are located in Illinois, Indiana, Oregon, and California. The company employs more than 1,700 people. There are 18 Wickes stores in the Chicago area according to the company Web site.

Wickes Holdings LLC, an affiliate, also filed for protection. The 45 largest consolidated creditors are owed $38.5 million according to court papers. Wickes has asked the court to jointly administer the cases. Wickes is an affiliate of Sun Capital Partners.

Sun Capital, which didn't file for bankruptcy, is a private investment firm that specializes in leveraged buyouts.

The three biggest unsecured creditors are: Zimmerman Advertising, owed $5.2 million; W E O'Neil Construction Co., owed $2.3 million, and Simmons Upholstery, owed $2.2 million.