Rhodes $4.75 million Powder Springs, Ga., property sale approved

By Caroline Salls

Pittsburgh, March 24 - Rhodes, Inc. obtained court approval to sell its Powder Springs, Ga., property to Mimms Investments for $4.75 million, according to a Friday filing with the U.S. Bankruptcy Court for the Northern District of Georgia.

According to the sale motion, Rhodes has sold a majority of its business operations and is in the process of selling its remaining assets and winding-up its affairs.

Rhodes said some of its most valuable remaining assets are the Powder Springs property and a property in Hazelwood, Mo.

Rhodes, an Atlanta-based furniture retailer, filed for bankruptcy on Nov. 4, 2004. Its Chapter 11 case number is 04-78434.

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