The parent company of Value City Furniture and American Signature Furniture has filed for bankruptcy.

American Signature Inc. , which has been in business for more than seven decades, announced over the weekend that it has filed for Chapter 11 bankruptcy in Delaware.

The company has also announced it plans to sell the business. It expects to enter a purchase agreement with ASI Purchaser LLC.

“In the face of the ongoing macroeconomic headwinds that have impacted the entire home furnishing industry, the company has carefully evaluated its options to assess the best path forward in the current operating environment. Through that review, we determined that entering a court-supervised process will provide the best opportunity to maximize value,” Rudy Morando, co-chief restructuring office

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