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Article: Bif joins the ranks of furniture retailers filing for bankruptcy. (Borneo International Furniture Company Ltd.) (Around the Southland) (Brief Article)
- Article from:
- Los Angeles Business Journal
- Article date:
- January 6, 1992
CopyrightCOPYRIGHT 1992 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Another furniture retailer has fallen victim to the recession. The U.S. subsidiary of Borneo International Furniture Inc., known as Bif, filed for Chapter 11 bankruptcy reorganization last week, according to company sources.
The Italian-style furniture maker -- whose owner once boasted that his firm would become "the Toyota of furniture" -- joins the ranks of troubled local furniture firms including RB Furniture and Barker Brothers.
A Garden Grove store official, who requested anonymity, blamed the filing on slow consumer demand. Tae Paet, an executive at BIF's U.S. headquarters in City of Industry, confirmed that the company filed for bankruptcy protection ...