Furniture retailer files for bankruptcy protection

<p>Rhodes Furniture filed for Chapter 11 protection from creditors Thursday and plans to close 26 of its 89 stores, the Atlanta-based chain said.</p><p>The company said its other 63 stores would remain open and operations will continue "without disruption."</p><p>Five related support operations also will be closed as part of the restructuring in U.S. Bankruptcy Court in Atlanta.</p><p>The privately held Rhodes Inc. said it has obtained $88 million in debtor-in-possession financing from Wells Fargo Retail Finance. The company said that with the financing, it expects to be able to stay in business and pay employees during its reorganization.</p><p>"It is our goal to reach an agreement with our creditors in a quick and efficient manner, allowing us to restructure our debt and close underperforming stores with minimal disruption to our operations," president Steven Fishman said.</p>