Lakeside Appliance is shutting down its four Richmond-area stores after 55 years.
"It is with much regret that we must discontinue operations effective immediately," states a sign posted on the door of its store on West Broad Street in Henrico County.
A company spokesman, who asked not to be named for legal reasons, said today the company lost its inventory financing and could not go on.
"We could have survived the downturn, we could have survived a cut in our financing, but we couldn't survive both," he said.
The sign notes that Lakeside Appliance has products en route to fill customer orders, but adds, "In the event of backordered product or other situation where we cannot fill your delivery, we will provide the information you need to contact your credit card company for a refund."
The company should finish filling its final orders in the next week, the spokesman said. After the orders are filled, the company will decide whether to file for bankruptcy, he said.
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