American leather furniture and home furnishings retailer Levitz Furniture has filed a for bankruptcy protection under Chapter 11 of the US Bankruptcy Code, for the third time in a decade.

According to a statement released by the company, the filing became necessary as a result of insufficient liquidity to support the company’s current operations and is part of a strategic effort to evaluate its options, including a sale or new financial investment.

 “We are hopeful this filing will enable the business to emerge stronger and better positioned for long-term success,” said Larry Zigerelli, chairman and CEO.

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