Another sign that Newsom is winning—and California is losing. This is part of his record to run for President. He will do for America what he has done for California. This is good news for the U.S. Will make it easier to defeat him in 2028.
“American Freight – a discount home-goods chain with ties to Sears Outlet stores – is shutting down, closing all 15 California locations.
Liquidator Hilco Consumer-Retail announced the shuttering of 328 locations nationwide and the start of store-closing sales for outlets that sell furniture, appliances and mattresses.”
American Freight closing, shuttering all 15 California furniture stores
By Jonathan Lansner, Orange County Register, 11/11/24 https://www.pressenterprise.com/2024/11/11/american-freight-closing-shuttering-all-15-california-furniture-stores/
American Freight – a discount home-goods chain with ties to Sears Outlet stores – is shutting down, closing all 15 California locations.
Liquidator Hilco Consumer-Retail announced the shuttering of 328 locations nationwide and the start of store-closing sales for outlets that sell furniture, appliances and mattresses.
“Our goal is to deliver outstanding value to customers during this full-chain closing sale,” said Hilco CEO Ian Fredericks in a statement. “Everything is on sale and must be sold, and we recommend shopping early for the best selection.”
The California closures:
Cerritos: 18714 S. Gridley Road
Corona: 1208 Magnolia Ave.
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Fresno: 4150 Shaw Ave.
La Mesa: 8805 Murray Drive
Modesto: 1800 Prescott Road
Oceanside: 2505-B Vista Way
Ontario: 2401 S Vineyard Ave.
Palmdale: 320 West Rancho Vista Boulevard
Rancho Cordova: 10379 Folsom Boulevard
Sacramento: 1200 Blumenfeld Drive
San Diego: 1210 W Morena Boulevard
San Leandro: 1936 West 140th Ave.
Santa Ana: 1430 South Village Way
Torrance: 3610 Torrance Boulevard
West Covina: 728 South Orange Ave.
American Freight suffered from three broad economic problem spots – a weak housing market, financial stress for lower-paid households, and debt-laden companies.
The home goods industry has been hurt in recent years by high mortgage rates. Costly financing cut house-related shopping due to steep drops in homebuying and home remodeling.
Also, many merchants targeting bargain shoppers have been troubled of late due to the numerous economic challenges faced by lower-income households.
Plus, American Freight’s headaches were amplified by its owner’s financial issues.
American Freight began in Lima, Ohio, in 1994. As it grew, it attracted several owners, the latest being Los Angeles-based Franchise Group, who bought it in 2020.
Franchise Group bought the Sears Outlets and its sister company, Buddy’s Home Furnishings, in the previous year and then merged the American Freight and Sears Outlets chains.
But Franchise Group, which owns brands including Vitamin Shoppe and Pet Supplies Plus, could not meet loan payments on $2 billion in debts it used to acquire its collection of retail chains. Earlier this month, it filed for bankruptcy protection after huge losses and managerial turmoil surrounding its financial backer, B. Riley Financial Inc.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]
