Home Valu Interiors, the home improvement company made famous by former U.S. Sen. Rudy Boschwitz, plans to close its doors, company officials announced on Monday.
"It's been a terribly, terribly tough period that was aimed directly at our industry," Boschwitz said. The former Minnesota senator currently serves as the company's chairman.
In a statement released Monday, Home Valu's CEO Gerry Boschwitz, the son of the former senator, attributed the closure to "depressed real estate, frozen credit, a terrible economy and frightened consumers."
Company officials said they failed to downsize quickly enough to prevent the closure.
"We recognized, under the circumstances, the possibility [of closing], but we were more optimistic," Rudy Boschwitz said.
The 46-year-old company will spend the next few months shipping the remaining inventory to its Fridley headquarters for liquidation.