Silicon Valley Bank was repaid millions by furniture retailer Interior Define before both collapsed
People pass by Interior Define, a home furniture store at 833 W. Armitage Ave. in Chicago’s Lincoln Park neighborhood, on Jan. 25, 2023.
The California-based technology lender collapsed last month amid a bank run and allegations of lax oversight, and was taken over by the Federal Deposit Insurance Corp. Havenly completed the foreclosure acquisition on Dec. 29 for an undisclosed amount, and two days later, Interior Define entered into the assignment for the benefit of creditors. Accounting firm Armanino was appointed assignee for the defunct Interior Define company.
“It’s kind of odd for the new owner to try to revive the brand while picking and choosing whose orders are going to get honored and whose are not,” said Suzanne Roberts, 40, an Atlanta attorney whose Interior Define shipment never came in.Roberts spent nearly $3,000 for a chair, two benches and four pillows at an Interior Define store near her home in October. She received one bench in January and a $471.85 credit for future furniture purchases in March.
Not prepared to wait 10 months for the couch, Cutler submitted an order cancellation on Nov. 28, seeking a refund. That set off a flurry of emails, but did not produce either the couch or the refund. “We just bit the bullet and bought another one from a company that actually delivered it and did a very nice job,” Cutler said.
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