New York City, Levitz Furniture filed for Chapter 11 bankruptcy Thursday in an effort to stay in business despite a lack of cash, according to the Associated Press.
The company’s request for reorganization under court protection is part of a strategic effort to evaluate its options, including a possible sale, the company said. It is the third time Levitz has sought court protection in just over 10 years.
The company asked the court for approval to continue meeting obligations such as fulfilling customer orders and paying its staff, and that it be allowed to pay for goods and services further down the road.
“We are hopeful this filing will enable the business to emerge stronger and better positioned for long-term success,” chairman and CEO Larry Zigerelli said in a statement.