PORTLAND — The company that ran the Finest Hearth and Home stores is liquidating its business.
Finest Hearth Inc. filed a voluntary petition for Chapter 7 bankruptcy on Monday.
The business recently closed its stores in Portland, Yarmouth and Topsham. Their offerings included woodstoves, fireplace inserts, patio furniture and grills.
The company’s gross sales plummeted from $5 million in 2009 to $3.2 million in 2010, according to documents filed in U.S. Bankruptcy Court. The company’s assets were estimated at $1.3 million and its liabilities at $2.2 million.
Finest Hearth and Home was formed through the merger of Black Stove Shops and Finest Kind in 2005. At the time, the merged business also had stores in Lewiston, Augusta, Waterville and Bangor.
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