Parker Gwen LLC, a Zionsville-based online furniture and home decor retail startup, has filed for bankruptcy.
Matthew Phillips, the managing member of Parker Gwen, made the Chapter 7 bankruptcy protection filing April 8 in the U.S. Bankruptcy Court for the Southern District of Indiana. Chapter 7 bankruptcy is used by companies that are going out of business and seeking liquidation of debt.
The filing says Parker Gwen has 200 to 999 creditors. The company’s estimated assets are valued at slightly more than $76,800, while its liabilities are listed at more than $1.38 million.
Only two secured creditors are named in the filing—Shopify, which is owed $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 many for thousands of dollars. The bankruptcy petition said Parker Gwen would have no funds available for unsecured creditors after any administrative expenses are paid.
Among the largest unsecured claims are those from suppliers and credit card companies, including $140,000 from Austin, Texas-based furniture business Four Hands, $68,000 from Delaware-based CFT Clear Finance Technology Corp., $46,000 from Deliveright Logistics of New Jersey, $39,000 from Classic Homes in Los Angeles and $21,000 from American Express. Two claims from Chase Card Services total $36,000.
A message on ParkerGwen.com’s web site says, “We have been honored to serve our customers over the past 4 years. Unfortunately, the ongoing impacts of COVID-19 on small businesses and the international supply chain has forced us to cease operations.”
An attorney representing Phillips did not immediately respond to IBJ’s request for comment.
Phillips, a Zionsville resident, and Tiffanie Morrison of Crown Point launched Parker Gwen in 2017 as a one-stop shop for furniture, decorative products and electronics. Phillips, who previously worked for Best Buy, Groupon Goods and HH Gregg, named the business after his children.
The online store targeted women ages 35 to 45 and positioned itself as sort of an expert middleman between companies that make and distribute products and the customers trying to find them.
In 2019, Parker Gwen announced a strategic partnership with Indianapolis-based Kittle’s Furniture. Under the agreement, the companies looked at ways that Kittle’s could sell some products on the Parker Gwen site.