Winans Furniture stores in Reno and Minden are closed and employees are on hold until after an April 15 bankruptcy hearing.
Corporation President Andrew J. Winans, of Minden, declined to comment until after Judge Gregg Zive finalizes the case. Winans owns all the stock in the corporation.
Sparks-based Carson Furniture Inc., which owns Winans Furniture in Reno and Bassett by Winans in Minden, filed for protection under Chapter 11 of the federal bankruptcy code on March 22.
According to the filing at the U.S. Bankruptcy Court in Reno, Carson Furniture has more than 100 creditors. It has 16 creditor claims totaling $213,075 and additional debts that reach into the millions. According to the document, Carson Furniture estimates that funds will be available for distribution to unsecured creditors.
The 20 largest creditors with unsecured claims, or claims that are not backed, include: Winans LLC with $1.7 million; James W. Winans with $1.2 million and $32,380 in rent money for the Highway 395 store. According to state documents, Andrew J. Winans is listed as an officer in Winans LLC.
Court documents show the top 20 creditor claims total up to $4 million. The bankruptcy affects other smaller creditors.
"It was a shock," Sperry Van Ness associate Bruce Robertson said Thursday about Winans' bankruptcy. "We never anticipated that would happen. You hate to see that occur to anybody. He runs an excellent, modest business and it's unfortunate."
Robertson, who has known Andrew J. Winans for about 20 years, said he believes he will be fully reimbursed.
Attorney Stephen R. Harris of Belding, Harris & Petroni represents Carson Furniture in the filing.
- Contact reporter Becky Bosshart at email@example.com or 881-1212.