Chicago's SuitePlay in Ch. 7
By Clint Engel -- Furniture Today, May 26, 2008
Algonquin, Ill. — SuitePlay, a four-store Chicago area retailer of game tables, barstools and other goods, has filed for Chapter 7 bankruptcy liquidation.
In a petition filed last week in the U.S. Bankruptcy Court for the Northern District of Illinois, the company listed assets of $1 million to $10 million and liabilities in the same range.
SuitePlay, formerly Rec Room Furniture and Games, operates stores in the Chicago suburbs of Algonquin, Deerfield, Downers Grove and Naperville, Ill., and has a warehouse in Elk Grove Village, Ill.
According to a local news report, CEO Rick Weber has "urged customers with orders in transit to call their credit card companies and protest the charges." Furniture/Today could not reach Weber for comment.
The retailer changed its name to SuitePlay about a year ago and was off to successful start, said Ted Selame, president of Brand Equity, which developed the new logo and identity for the retailer.
Selame said he has heard from SuitePlay's financial backers, who cited a "prolonged and exceptionally bad downturn in the housing market" as contributing to the company's failure. Selame speculated that Suiteplay and its home entertainment offering lost appeal as housing slumped and gas prices skyrocketed.
"I don't think people are expending extra money on that kind of furniture," he said.
Among the home furnishings companies listed as creditors are Amisco, Berkline, Brown Jordan, Canadel, Clearwater American Furniture, Elite Mfg., Feizy, IM David Furniture, Phillips Collection, Powell, Pulaski, Riverside and Tradewind Treasures. No claim amounts were given.
In March, SuitePlay launched a promotion saying it would reimburse all purchases made at its stores from March 13 through April 15 if baseball's Chicago Cubs win the World Series this year.
At the time, Kelly Claffey, vice president of marketing, called the promotion a "win-win for everyone." She's now listed as a SuitePlay creditor.
