Late in 1997, however, the firm's restructuring and expansion plans were scaled back, and Heilig-Meyers reported a net loss of more than million for fiscal year 1998.
In March 1999 the company sold Rhodes and Mattress Discounters, and in 2000 more stores were closed and Berrios Enterprises was sold. 2000 Heilig-Meyers filed for bankruptcy protection. In April 2001 the company announced that it would close its remaining Heilig-Meyers stores and concentrate its full attention on its profitable Room Stores chain, located entirely in the metropolitan markets of Texas, Maryland, and Washington, D.
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Expansion into other new areas occurred in 1993 with the acquisition of 92 Mc Mahan's Furniture stores in California, Arizona, New Mexico, Texas, Nevada, and Colorado.
In 1995 the company ventured outside the United States for the first time, buying 17 furniture stores from Berrios Enterprises, the largest volume furniture retailer in Puerto Rico.
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Al’s forte is crafting creative and effective plans and executing in a manner that maximizes the outcomes to critical stakeholders.
A New Jersey native and Rutgers College graduate, Al started his career in the area of commercial real estate development and management working for a Houston based developer; Al was involved with several high-rise office projects in New York City.
Al has also participated in numerous forums around the country including The Pennsylvania Bankruptcy Institute.
Al is able to draw from his experience as a college football official.
Heilig-Meyers Company and certain of its wholly owned subsidiaries, Heilig-Meyers Furniture Company, Heilig- Meyers Furniture West, Inc., HMY Star, Inc., and Mac Saver Financial Services, Inc.
(collectively, the "Companies"), announced that they and the Official Committee of Unsecured Creditors have filed an Amended and Restated Joint Liquidating Plan of Reorganization (the "Amended Plan") and Disclosure Statement with the U. Bankruptcy Court for the Eastern District of Virginia.
The company decided to penetrate the big-city market by buying chains with successful metropolitan formats, and in 1996 it acquired Rhodes, Inc., a 106-store chain based in Atlanta with stores in 15 southern, midwestern, and western states.