– Bellacor, a well-known online retailer of lighting and furniture, has been put under an Assignment for Benefit of Creditors (ABC).
– An ABC is a state-level insolvency procedure, less formal than bankruptcy. The company assigns its assets to a third party to liquidate them for the benefit of creditors.
– Bellacor has assigned its assets to the Minneapolis firm, The Uhl Company. The company will sell all Bellacor’s assets for the maximum return to the creditors.
– The e-commerce site has stopped operating, and orders can no longer be placed.
– Bellacor has seen decreased sales in recent years due to the growth of e-commerce giants like Amazon, Wayfair, and Overstock.

Bellacor Under Assignment for Benefit of Creditors

A Turn of the Tide for Bellacor

Bellacor has officially been placed under an Assignment for Benefit of Creditors (ABC), marking a significant shift in the company’s fortunes. Best known for its online retail of light fixtures and furniture, the company has faced increasingly tough competition from e-commerce giants, leading to declining sales.

The Nuts and Bolts of an ABC

An ABC is a type of insolvency procedure that is less formal than bankruptcy. Assets are handed over to an ‘assignee’ (in this case, The Uhl Company) which then auctions them off to the highest bidder. The proceeds from this sale are used to pay back Bellacor’s creditors.

Bellacor’s Shut Down Online Operations

As part of this procedure, the formerly thriving e-commerce site has officially terminated its daily operations and no longer accepts new orders.

What’s Next for Bellacor?

The mad scramble for Bellacor’s assets is about to begin, with The Uhl Company in charge of selling off everything to the highest bidder. This could spell the end of the road for Bellacor as we know it, but also offers buyers a valuable opportunity to pick up some quality lightings and furniture at potentially bargain prices. Stay tuned to see who ends up claiming the spoils of this once flourishing online retailer.

originial article https://www.furnituretoday.com/?p=317438

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