A large Texas furniture chain announced Monday that it plans to file for bankruptcy and will close after the company's lenders decided to end their support, officials said.
Over the next 45 to 75 days, officials said, the 36 Lack's stores, including one in College Station, will close their doors. The company began as an auto supply store in 1938 in Beeville. It became a furniture store during World War II because of supply shortages of rubber and steel.
Throughout the Lack's financial history, the store has been able to finance customer accounts by borrowing from banks and other lenders, officials said.
Store officials said they've been told the loans will stop and have been asked to repay the banks, which led to the decision to file for bankruptcy.
Closing sales will take place as the company moves out, officials said.
