NEW YORK — Conran Stores Inc., the home-furnishings chain headed by Marvin Traub, is liquidating.
Conran’s, which filed a Chapter 11 petition here Jan. 7, has received bankruptcy court approval to run going-out-of-business sales at all 14 of its stores.
The sales could start as early as Friday.
Conran’s said a liquidation is the best way to maximize return to its creditors, according to court documents.
“Despite its efforts, the debtor has been unable to structure a viable proposal for the continued operations of its business as a stand-alone entity,” court papers said.
Further, the papers said no benefit would be gained from pursuing reorganization, because of the high administrative cost of continuing operations.
Marvin Traub, the former chairman of Bloomingdale’s, led the investment group that acquired Conran’s from London-based Storehouse PLC in late 1992. He could not be reached Tuesday for comment.