Jones Lang LaSalle

Treasure Island Chain Is Shutting Down
By Eric Peterson
Last updated: January 31, 2006 10:49am

(For more retail coverage, click GlobeSt.com/RETAIL.)
MAHWAH, NJ-In mid-January, crafts and patio furniture retailer Treasure Island, based here, filed for Chapter 11 protection, and company officials recently announced formally that the entire 16-store chain is being shuttered. Company officials say all existing stores will be closed by the end of March. Declining further comment, a spokesman for the company blamed heightened competition, notably from AC Moore and Jo-Ann Stores, for the chain’s demise.
According to a published report, Treasure Island’s bankruptcy petition listed approximately $10.4 million in debts, $9.6 million of that to unsecured creditors, and $9.5 million in assets. Earlier this month, the company reported $49 million in total revenues for 2005.

Founded in 1970, the family-owned company has 11 stores in New Jersey: Ramsey, Paramus, North Plainfield, Wayne, East Brunswick, Florham Park, Shrewsbury, Lawrenceville, Toms River, Woodbridge and a clearance center in Mahwah. The other five are in New York: Scarsdale, Huntington, Carle Place, Wappingers Falls and Wainscott.