The 77-year-old, privately owned Columbus parent company of Value City Furniture has filed for Chapter 11 bankruptcy in U.S. bankruptcy court in the state of Delaware.

American Signature Inc. is one of the nation's leading home furnishings retailers and a decades-old Columbus mainstay. The company said it will remain open during the initial stages of the process, providing customer service and even Black Friday discounts at retail locations and online.

The company, owned by Jay L. Schottenstein , who also is CEO of American Eagle Outfitters, said in a news release that it will begin to sell off merchandise and seek a competitive auction within 45 days "to elicit higher value for the benefit of all stakeholders."

There was no mention of naming rights to Value City Arena at the Jerome

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