Yep. A few years ago we bought black leather electric reclining home theatre chairs from Ashley. They called it "bonded leather". Not excessively expensive, maybe $500 each. The "leather" cracked and peeled, UGLY, while the mechanics of the chairs was great.
A word to the wise - don't buy any of their "leather" furniture.
Bonded leather and leather facing is not the same.
Bonded leather is scraps of leather (usually what's left after the best parts of a hide are cut for real leather furniture or shoes or whatever) put together with a special plastic like glue. How much is leather and how much is the plastic glue ranges, but in cheaper furniture you will get more glue and less leather. That's why it starts to peel.
Leather facing, also called leather match, includes real leather (usually top grain, but other grades might be used) everywhere you sit and touch (basically every part that faces the front of the sofa.) On the sides and on the back is usually vinyl, which doesn't crack or peel as bonded leather does.
The biggest issue with Ashley furniture is the composite wood they use in the frame of their sofas/chairs/etc. That's the scrap wood that's left behind in the making of a solid wood plank for more expensive (and better made) furniture. The scrap is pressed together forming a plank of 're-engineered wood.' Due to its lack of solid consistency, naturally it's much lighter than solid wood (although it also depends what type of wood, because there is such a thing as solid pine -or any other type of 'soft' wood- wood and then there's the good stuff which is solid hardwood), but its much more prone to crack with a given amount of stress or after a certain amount of time.
If you want quality American made furniture, those made by the likes of Craftmaster or Klaussner among others are a much better option. You do pay for it, but it will last you decades. It's heavy furniture, but it's worth it. And this is just about the quality of the frame, but there are other advantages such as better quality of the fabric and of how the cushions are made.
I know people in the furniture business, so... lol