An online retailer is selling off a suburban home and an apartment for $5.9 million, the latest blow to the struggling furniture business.
Toc, a Florida-based furniture retailer, announced Wednesday that it would be selling the two apartments in Palm Beach, Fla., and the two-bedroom apartment in Palm Springs for $1.95 million each.
The apartments were sold in February for $2.6 million each and in March for $3.8 million each, Toc said.
The Palm Beach and Palm Springs properties are part of a bigger property portfolio.
The sale comes as furniture retailers such as Home Depot and Target are seeing sharp declines in sales as consumers cut back on spending on items that are more affordable.
Toc had about 10,000 units in inventory in the first quarter, down from 15,000 in the same period last year.
It has about 30,000 inventory in stores.