American Home furniture has closed its stores in the Tucson market in preparation for a liquidation sale that will start Nov. 15. The company, headquartered in Albuquerque, filed for Chapter 11 bankruptcy reorganization on Nov. 3.

American Home, which was operating 11 stores in Arizona and New Mexico, said its plan is to liquidate all six Arizona stores and two stores in New Mexico, leaving one store each in Albuquerque, Farmington and Santa Fe.

In Tucson, American Home has stores at 4690 N. Oracle Road and 9559 E. Golf Links Road. The company was already in the process of closing a warehouse operation at 2020 W. Prince Road. It also has a store in Sahuarita at 18705 South Frontage Road. The other two Arizona stores are in Mesa and Prescott.

Advertisement

Ted Leveque, chief operating officer, said the bankruptcy and closings was prompted by the housing and credit crisis that has particularly affected its Arizona stores.

In its filing American Home said it owes 20 secured creditors $4.9 million. The company has assets between $10 million and $30 million with liabilities ranging from $1 million to $10 million.

The chain started in Albuquerque in 1936. Leveque said he didn’t know how long the liquidation of the stores will take or when they will ultimately close.