Underhill’s Fine Wood Furniture, which had previously announced that it would close its Redmond store at the end of January, has since announced that it will also close its Totem Lake, Bellevue and Lynnwood stores on March 31.

“After 62 years, Underhill’s must close its doors,” third-generation business owner Josh Underhill stated. “Everything will be liquidated: Fixtures and furniture at sacrifice prices to satisfy our vendors and the bank. The bank has restricted our line of credit and lowered the amount to which we have access, to such a degree that we know we can not make it through the year. And so the decision was made to liquidate all assets to pay off the bank and our vendors, of whom many have been good friends for many years.”

Josh, who recently took over the business from his father Tom Underhill, will be starting a new furniture business this spring with his own money, lease and responsibilities, under the name of Josh Underhill’s Furniture. He has negotiated a lease at the Lynnwood location and will open in the spring.

Josh will retain five Underhill’s sales people, five warehouse personnel and an accountant “to start with professional, successful people,” he said.

The Totem Lake location of Underhill’s is 12510 120th Ave. N.E., Kirkland; for information, call 425-821-5992.