Rothman Furniture will be closing all six of its stores in Illinois and Missouri.
The O'Fallon, Missouri-based furniture retailer will begin holding liquidation sales in the near future, The Telegraph reports. Rothman has stores in Alton and O'Fallon, Illinois, two locations in St. Louis, one in Bridgeton and one in O'Fallon, Missouri.
The company has close to 230 employees.
Jay Steinback, president and CEO, told The Telegraph that increasing competition from multi-national chains led to Rothman's decline.
“My competition is no longer local guys that are doing similar volumes as I am,” Steinback said. “We’re approximately a $50 million a year business. But we’re not competing with people who are doing $50 million, $60 million or even $100 million. We’re competing against multi-billion dollar national organizations.”
Steinback said they will still be open for the next three months or so. They will be holding liquidation sales to sell off their remaining inventory.
“We want to go out with a bang," he said. "We want to go out with our heads held high and say we were one of the top furniture stores in St. Louis market.”
This story first appeared from our partners at the St. Louis Business Journal.