HSBC Watch News Release Forum Index
Forum Name: - Levitz
Topic Title: You Should Know About Levitz
Sat Mar 19, 2005 1:28 pm
1997 - Levitz Settlement. In August 1997, four county district
attorneys filed a civil consumer protection complaint
against Levitz Furniture, American Bankers Insurance Co.,
and General Electrical Capital Corp., et al, alleging
that defendants, in part, made misleading statements
about the sale of credit insurance.
1998 - As reported in Issue 8 of the Levitz Bankruptcy News,
published by Bankruptcy Creditors' Service, Inc., the
Debtors asked for an extension of the exclusive periods
during which they may file one or more plans of
reorganization and solicit acceptances of such plans.
The Debtors' Plan Proposal Period ends on January 3, 1998;
they are asking for an extension of 180 days, until July 2,
1998.
1998, item 2, - Levitz turns to predatory lender Household
International for all of their private label credit card
financing needs. During the period from 1994 through 2004,
as charged in Shea v Household, the predator was crediting
payments on private label credit cards lete, often one day
after the close of the billing period. Thanks, Levitz and
Seamans for this wonderful financing. (sic)
2001 - Kaplan named senior VP of stores at Levitz -
Woodbury, N.Y.— Stuart Kaplan has been named senior vice
president, stores of Levitz Furniture stores on the East
and West coasts. In the new position, Kaplan is responsible
for all store-level activities in sales, sales training and
recruiting. The 48-store Levitz of Pleasanton, Calif., is
part of Levitz Home Furnishings, which is also parent to
the 58-store Seaman's of Woodbury, N.Y.
2003 (February) - The new contract extends a relationship
with Levitz Home Furnishings, Inc., the parent company of
both Seaman Furniture and Levitz Furniture Corp. Household
has managed Seaman's private label credit card program since
1997 and the Levitz program since 1998.
2004 (November) RentWay announced that that it has entered
into an exclusive arrangement with Levitz Home Furnishings,
where it will test the offering of a lease-purchase option
in several Levitz Home Furnishing stores. "Our plan is to set
up shop inside LHFI stores where we believe we can leverage
the expense structure of both operations... By nesting full-time
leasing agents who will be employees of RentWay inside Levitz
stores, we believe we will capture the greatest number of
potential customers and provide the highest level of customer
service," says RentWay CEO William Morgenstern.
1998 to 2004 - One of the best consumer reports about Levitz is
By J. Neil Schulman and can be seen here
The bottom line - If you shop at Levitz you are condoning the
use of predatory financing through HSBC and Household Retail
Services. If you apply for a Levitz credit card you are at risk.
Levitz has been around for a long time, but they didn't turn to
predatory financing and credit card handling that is questionable
at best, until they got into financial difficulty. If parents were
hurt by bad financing then children should learn from their parents
and listen to them. If your parents say they will never do
business with Levitz again there is probably a good reason for it.
Good Jewish families also need to know that HSBC bought Household
International the predator, but HSBC has been accused of funneling
money to Hamas, Islamic Jihad and others, for use against Israel.
OY! My stomach is in knots after reading the news! Zol zion mit Mazel.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.