On January 7, 2026, it was reported, Former Top 100 retailer Unclaimed Freight here is closing after more than 50 years in business. Owner Angela Colabella, daughter of founder Joe Colabella, is retiring, bringing about the final chapter for the retailer, which was established in 1972. Angela Colabella took the business over about five years ago, and Joe Colabella passed away at age 91 in 2022. "It's a retirement sale. We're closing out the business. Times have changed for the industry over the past few years, and it was just time," Angela Colabella told Furniture Today. Colabella said her father, the son of Italian immigrants, built on his parents' strong work ethic and developed a business where he could make a living while treating customers well. Joe Colabella sold Unclaimed Freight, then a 13-store chain, in December 1989 to investment group Valley Advisors. Under that owner, the retailer struggled and filed for Chapter 11 bankruptcy protection in 1994. Valley Advisors was preparing to liquidate the business when Colabella came out of retirement, bought back the rights to the Unclaimed Freight name and eventually reopened five stores. He sold it again in 1999 for $16 million to a Chicago-based investment group led by Larry Manson. 2 years later, Unclaimed Freight shut down abruptly, leaving a trail of consumer complaints. In November 2002, Colabella bought the few remaining assets and name rights from banking company Wachovia Corp. for about $100,000. Angela Colabella said she expects the going-out-of-business sale to take about seven weeks, with a late February-early March target for closing.
On January 5, 2026, it was reported, should no better or higher bids come in a court-supervised auction this week, it appears likely that Top 100 retailer American Signature Inc. will begin liquidation processes at its remaining stores. On Jan. 4, the Columbus, Ohio-based retailer, which owns and operates American Signature Furniture and Value City Furniture stores, filed a document titled "Contingent Notice of Intent to Commence Chainwide Liquidation Sale" in the U.S. Bankruptcy Court for the District of Delaware. Bids are due by 4 p.m. on Jan. 5. The stalking horse bid by ASI Purchaser LLC carries a notational valuation of $147.89 million, or 92.2% of the cost value, for inventory and other assets, and it sets the structure and benchmark for any competing bids. The stalking horse bid sets liquidation as the default outcome and authorized SB360 Capital Partners, along with Hilco Merchant Resources and Gordon Brothers Retail Partners, to conduct chainwide liquidation sales with gross proceeds generated from inventory. Once initiated, the liquidation sales would likely be concluded by April 30. As part of the contingent notice, ASI revealed 89 stores that would be included in the liquidation efforts. American Signature filed for Chapter 11 protection on Nov. 22, 2025. In the voluntary filing, the retailer reported estimated assets of $100,000,001 to $500 million versus estimated liabilities of $500,000,001 to $1 billion to an estimated 1,000 to 5,000 creditors. Its corporate headquarters in Columbus will be shut down later in January, and it began the process of closing a factory in North Carolina in late December.
On December 30, 2025, it was reported, Saks could be the next department store to seek relief in bankruptcy court amid growing liquidity challenges. Saks Global Enterprises, the parent corporation of Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman, is weighing a Chapter 11 bankruptcy filing as they contend with mounting debt, people familiar with the matter told Bloomberg. This decision comes as the retailer is facing a more than $100 million debt payment due at the end of December. SAKS FIFTH AVENUE SHUTTING DOWN SAN FRANCISCO AFTER 45 YEARS. Reports began circulating that CEO Marc Metrick may also be preparing to step down. Metrick took the helm in December 2024 when Saks Global finalized its $2.7 billion acquisition of Neiman Marcus Group. Under the terms of the deal, Saks Global added Neiman Marcus and Bergdorf Goodman to its portfolio and appointed Metrick to lead the Saks Global Operating Group, which includes Saks Fifth Avenue and Saks OFF 5TH. But it has been seeking to alleviate financial pressures ever since. Over the past year, Saks cut hundreds of jobs and shuttered stores and corporate offices. In fact, Saks Fifth Avenue, along with Saks Off 5th and Hudson's Bay stores, also closed the majority of its locations in the Canadian market. It will continue closing stores next year as well. For instance, it's already planning to close certain Saks OFF 5TH stores starting in early 2026 as part of a broader effort to "optimize" its store. In September, reports surfaced that it was even exploring the sale of a minority stake, about 49%, in Bergdorf Goodman for about $1 billion. People familiar with the matter told The Wall Street Journal that there had been at least four potential bidders.
On December 11, 2025, it was reported, Hooker Furnishings reported a deeper third-quarter loss as hospitality project timing, non-cash impairment charges and continued macroeconomic pressure weighed on results, but executives said the company's recent strategic divestiture and upcoming product launches have set it on a clearer path toward profitability. For the quarter ended Nov. 2, consolidated net sales fell 14.4% from the prior year, driven primarily by an $11 million decline in Samuel Lawrence Hospitality (SLH) shipments. Operating loss totaled $16.3 million, largely the result of $15.6 million in non-cash intangible impairment charges. Loss from discontinued operations was $8.6 million. The company also completed a major portfolio shift. On Dec. 1, Hooker announced the sale of its Pulaski Furniture and Samuel Lawrence Furniture value-priced brands within the Home Meridian (HMI) segment. T Margaritaville launch exceeds expectations Hooker executives highlighted what they view as the company's most significant organic growth driver: the new Margaritaville licensed collection, which debuted at the October High Point Market. The company said 55 retailers have already committed to installing Margaritaville-branded galleries. Hoff said the company's revised warehouse strategy centered on its new Vietnam facility now allows "collections from our various suppliers to be mixable in single containers and providing six to 10-week fulfillment to our customers' door,". S&A expenses declined $5.9 million in Q3 and $9.7 million year-to-date, reflecting restructuring progress . Hooker repaid $17.9 million of debt year-to-date and ended the quarter with $63.8 million in borrowing capacity. Inventory decreased to $52.1 million.
