Bombay Co. is in a shambles, currently in
bankruptcy,
and the man they hired a year ago to turn around the company has left the
furnishing retailer, according to an SEC filing. Bombay and its CEO David
Stewart mutually parted ways, with his last day Oct. 19. Stewart, whose
contract was supposed to have run through June 6, 2009, was never able to stop
the bleeding at Bombay during his short tenure. By the time the company filed
for Chapter 11 in September, it listed assets of $239.4 million but a whopping
$173.4 million of debt. As part of its bankruptcy restructuring, Bombay will
close all of its U.S. stores. To help keep its business afloat during the
Chapter 11 proceedings, Bombay has secured special financing from General
Electric Capital Corp. and GE Canada Finance Holding Co. — Gerald
Magpily
See
Dallas Business Journal
See
TheDeal.com: Bombay set to go out of business
Continue reading below
