In today’s economy, there isn’t much room for error in business. The retail market is far from what it once was and many retail stores aren’t able to withstand the lack of consumer spending. Motif Modern Living is one furniture retailer who has learned the hard way that people today simply aren’t spending money on home decor like in years past.
A Short Run
Motif Modern Living opened its first store in Kyle, Texas in 2006, followed by a San Antonio location in 2008. With big plans to change the way people decorate their homes with a fresh take on a modern, contemporary style they anticipated millions in sales. Boasting a unique design taste, Motif Modern was planning for a rapid expansion in the first few years in operation. However, just six years after opening their doors, Motif Modern Living is closing the doors to file for Chapter 7 liquidation bankruptcy.
As one of the lesser known Texas bankruptcy cases at the moment, tough economic conditions and unfavorable loan terms have lead this short lived retail chain into financial trouble. Motif Modern Living is listing debts of $2.2 million and assets of only $210,557. With multiple creditors waiting in line to receive a portion of the liquidated assets, the pieces of the pie are not likely to come close to satisfying the debt liability owed by Motif.