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Carpets of Dalton, the behemoth retailer in Dalton, Ga., has defaulted on $40 million in loans and is now the subject of a federal court lawsuit seeking to recover the money.
Hennon & Brown Properties and its four subsidiary companies are named in the lawsuit filed by BB&T bank in U.S. District Court in Rome, Ga.
The lawsuit states that the companies, led by founder James Lamar Hennon, borrowed heavily in 2006 and 2007, but by 2010 there had been “various defaults” that led the bank to seek payment in full within 10 days.
The Hennon companies didn’t come up with the money in time, and now the case is headed to court as Hennon seeks to restructure the debt.