The Bedroom Shoppe and The Living Room prepare for liquidation

A pair of related furniture stores at Liberty Crossing in Gasoline Alley have ceased operations.

Yellow police tape around the entrance and a sign declaring receivership indicate that the business has closed.

A pair of related furniture stores at Liberty Crossing in Gasoline Alley have ceased operations.

The Bedroom Shoppe and The Living Room locked their doors last week after owner Russell Ventures Ltd. filed a notice of intention to make a proposal under the Canadian Bankruptcy and Insolvency Act.

Hudson & Company Insolvency Trustees Inc. of Calgary has been appointed receiver, and Robert Price, a vice-president with Hudson & Company, said on Tuesday that he believed the company’s assignment into bankruptcy was “imminent.” He confirmed that the process had been initiated by Russell Ventures.

In addition to the Red Deer County stores, The Bedroom Shoppe and The Living Room each operated at two locations in Calgary and one in Okotoks. They also shared an outlet store in Calgary.

Todd and Wanda Markin are partners in Russell Ventures.

A letter issued by Hudson & Company to Russell Ventures’ creditors identified approximately 50 individuals and companies that are owed a combined $3.3 million.

These include Cantrex Group Inc., a buying group owned by Sears Canada Inc., which is owed nearly $2.1 million.

Liquidation of Russell Ventures’ assets, including its store inventories, will begin on July 15, said Price. That sale might only be conducted through some of the stores, he added, but the Red Deer outlets were expected to be among these.

“How long it will last from there, I don’t know,” said Price, estimating a liquidation timeline of eight to 12 weeks.

“It will be dependent upon sales.”

The Bedroom Shoppe and The Living Room could have been marketed as going concerns, said Price, but selling their assets piecemeal was believed to be in the best interest of creditors.

“In this particular case, liquidation seems to be the best approach as far as maximizing the realization.”

The Bedroom Shoppe and The Living Room opened at Liberty Crossing in December of 2007. The stores specialized in Canadian-made furniture, with quality and durability emphasized.

The Bedroom Shoppe, which dates back to 1978, was initially a Calgary mattress store. Todd and Wanda joined as employees but soon became partners and helped start The Living Room in 1999. By 2003, they owned both stores.

Wanda Markin said on Tuesday that she would like to comment on her company’s situation but first wanted to verify that it would be appropriate to do so.

The Markins have posted a note at their Red Deer stores saying they planned to contact customers and staff, and that their top priority was filling outstanding orders and taking care of their employees.

Just Posted

PHOTOS: Buccaneers battle Wolfpack in AFL semifinal

The Central Alberta Buccaneers battled the Calgary Wolfpack in the Alberta Football… Continue reading

Raising awareness for Bikers Against Child Abuse

Second annual Raise A Ruckus Against Child Abuse was held at the Red Deer Radisson Hotel Saturday

Central Alberta Yogathon cancelled Saturday

Due to air quality concerns the fourth annual event will take place Sept. 15

City Hall Park construction begins next week

Construction to update Red Deer’s City Hall Park is set to begin… Continue reading

PHOTOS: Jazz at the Lake begins

The 16 annual event began Friday and runs until Sunday in Sylvan Lake

WATCH: Medicine River Wildlife Centre opens new playground

The grand opening of the playground was Saturday morning

Thousands to attend funeral service for officers killed in Fredericton shooting

FREDERICTON — Hundreds of people have lined the route of a funeral… Continue reading

Calgary police officer seriously injured

CALGARY — The Calgary Police Service says one of its officers was… Continue reading

Canadians react to death of former UN secretary-general Kofi Annan at age 80

MONTREAL — Canadian politicians are adding their voices to the international reaction… Continue reading

‘Four of a dozen kids will not make it:’ Tina Fontaine’s family healing together

WINNIPEG — Melissa Stevenson was just starting her career 18 years ago… Continue reading

No winning ticket for Friday night’s $16 million Lotto Max jackpot

TORONTO — No winning ticket was sold for the $16 million jackpot… Continue reading

Hundreds of neo-Nazis march in Berlin, protected by police

BERLIN — Hundreds of neo-Nazis waving flags with the colours of the… Continue reading

Romanian trucker is Genoa bridge’s 43rd victim

GENOA, Italy — The Latest on the Italy bridge collapse (all times… Continue reading

1 dead, 6 injured after building collapse in Nigeria capital

ABUJA, Nigeria — An emergency response chief says one person is dead… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month