The furniture retail industry has faced challenges this year that have impacted both independent and chain stores' ability to remain in business.

One of the top economic issues for furniture stores has been a slowdown in the real estate market in recent years, which has curtailed consumer spending on new furniture. When people buy that new house, they often will seek out new furnishings for each room in their home.

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If consumers are not buying homes, they likely aren't buying furniture, as well.

Related: Another popular furniture company files for Chapter 11 bankruptcy

Fierce competition among furniture chains and independents has also forced retailers to spend more on advertising to showcase their products to consumer

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