Shareholder may seek shakeup at bankrupt retailer

Monday, Aug. 21, 2000 | 11:58 a.m.

RICHMOND, Va. -- Heilig-Meyers Co. shareholder B&C Investments LLC, which acquired an 11.4 percent stake in the recently bankrupt furniture maker, may suggest the company put itself up for sale, a regulatory filing said.

With the Richmond, Virginia-based Heilig Meyers filing for bankruptcy last week, B&C Investments said it might consider proposing "management changes, sale of assets, a merger, reorganization or liquidation," the Securities and Exchange Commission filing said.

B&C Investments is based near Denver and is controlled by Furniture Row LLC shareholder Barney Visser.

Heilig-Meyers, which blamed its situation primarily on customers failing to repay in-house furniture loans on time, plans to close a third of its stores and fire about 4,400 employees. While a Reno store will close, all four Las Vegas stores will stay open.

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