Wicker Emporium out of business after more than four decades
Company started in Halifax in 1972
Wicker Emporium is closing its remaining six stores in Atlantic Canada, the company has announced on its Facebook page.
The furniture and home décor chain started with one store in Halifax in 1972. Founder Madan Kapahi, a lawyer who moved to Canada from India, opened the store to sell exotic, handcrafted pieces from his home country.
Records show bankruptcy proceedings for Wicker Emporium began on Oct. 2. The Office of the Superintendent of Bankruptcy lists the company's total liabilities at more than $5.3 million and its assets at $720,000.
A post on the company's Facebook page reads: "Many things have not been in our control and the more we tried to hold on to things the more they slipped out of our hands."
'Grateful to customers'
It stated the company is "grateful to all of our customers, suppliers, employees, friends and family who supported us for the last 47 years."
The company said liquidation sales have begun at its stores in Halifax, Dartmouth, Fredericton, Moncton, Charlottetown and St. John's.
An independent Wicker Emporium store in Saint John that is locally owned and operated will remain open.