Furniture retailer files Chapter 11 petition

Bell Furniture Inc., whose Reno Gallery of Furniture has been a cornerstone of retailing in Reno since 1972, has filed a petition for reorganization under Chapter 11 of the federal bankruptcy code.

The petition filed in federal bankruptcy court in Reno shows the company has about $544,000 in assets, largely tied up in furniture inventories. Liabilities of $2.18 million include back rent on its store locations in Reno along with bills to suppliers and unpaid loans to members of the founding Bell family.

The company's president is Mark Bell, son of founder Dick Bell.

In its filing, the company said its sales for the first eight months of this year totaled $2.5 million. That's a decline of more than 34 percent from the sales pace in 2008, when full-year sales were $5.7 million.