American announces they are going out of business

By WEEK Producer

American announces they are going out of business

February 17, 2014 Updated Feb 17, 2014 at 1:08 PM CDT

PEORIA, Ill. -- Furniture and electronics chain American announced Monday that they are going out of business and will begin liquidating stores later in the week.

“Words cannot adequately express how grateful we are to our millions of loyal customers, and to the incredible, dedicated family of employees that we have been blessed with over our 60 years of business," said Doug Reuhl, President and CEO of American.

A going-out-of-business sale will begin on February 20 at all stores to liquidate American’s entire inventory of furniture, electronics and appliances.

American says that all gift cards will still be honored during this process. Extended warranty plans are valid and insured through a third party company.

Advanced notice of the closing was given to the 989 employees affected in eleven locations. Employees will be compensated, with benefits, through the notification period, and the majority will continue employment through the closing process.

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