Parker Gwen LLC, a Zionsville-based online furniture and home decor retail startup, has filed for bankruptcy.
Matthew Phillips, Managing Member of Parker Gwen, filed for Chapter 7 bankruptcy protection in the US Bankruptcy Court for the Southern District of Indiana on April 8. Chapter 7 bankruptcy is used by businesses that go out of business and seek to liquidate their debts.
The filing indicates that Parker Gwen has between 200 and 999 creditors. The company’s estimated assets are valued at just over $76,800, while its liabilities are listed at over $1.38 million.
Only two secured creditors are named in the filing – Shopify, which owes $422,000 through a loan, and Paypal, for which no claim amount is listed.
The bankruptcy filing lists 359 unsecured claims from customers with unfulfilled orders, including several for thousands of dollars. The bankruptcy petition said Parker Gwen would have no funds available to unsecured creditors after the administrative fees were paid.
Among the largest unsecured claims are those from suppliers and credit card companies, including $140,000 from Four Hands, an Austin, Texas-based furniture company, $68,000 from CFT Clear Finance Technology Corp., based in Delaware, $46,000 from Deliveright Logistics of New Jersey, $39,000 from Classic Maisons in Los Angeles and $21,000 from American Express. Two Chase Card Services claims total $36,000.
A message on the ParkerGwen.com website reads, “We have been honored to serve our customers for the past 4 years. Unfortunately, the continued impacts of COVID-19 on small businesses and the international supply chain have forced us to cease operations.
An attorney representing Phillips did not immediately respond to IBJ’s request for comment.
Zionsville resident Phillips and Crown Point’s Tiffanie Morrison launched Parker Gwen in 2017 as a one-stop shop for furniture, home décor and electronics. Phillips, who previously worked for Best Buy, Groupon Goods and HH Gregg, named the company after his children.
The online store targeted women between the ages of 35 and 45 and positioned itself as a sort of expert middleman between companies that manufacture and distribute products and customers trying to find them.
In 2019, Parker Gwen announced a strategic partnership with Indianapolis-based Kittle’s Furniture. As part of the agreement, the companies discussed ways in which Kittle’s could sell certain products on the Parker Gwen site.