PBGC takes over plan of bankrupt furniture company

The PBGC took over the $55 million defined benefit plan of Levitz Home Furnishings Inc., Woodbury, N.Y., said Jeffrey Speicher, a PBGC spokesman. The plan was frozen to new employees in 1996. Mr. Speicher said the PBGC was concerned that the plan would be abandoned by Levitz, which sold its assets last month to Prentice Capital Management, a private equity firm. Levitz filed for Chapter 11 bankruptcy early this year.