National Wholesale Liquidators Files for Bankruptcy (Update1)
By Daniel at 11 November, 2008, 5:38 pm
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By Dawn McCarty
Nov. 11 (Bloomberg) — National Wholesale Liquidators Inc., a family-owned discount retailer, sought bankruptcy protection from creditors without giving a reason.
The company, based in West Hempstead, New York listed assets and debt of $100 million to $500 million each in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. Sixty-two affiliates also filed, according to court documents.
The company, founded in 1984, carries more than 120,000 items including brand-name closeouts. Its more than 50 stores are located in suburban shopping plazas in 10 states including New York, New Jersey and Pennsylvania. The retailer forgoes “fancy” store fixtures to keep prices low, according to its Web site.
The 20 largest creditors without collateral backing their claims are owed a total of $12.9 million, court papers show. The largest unsecured creditors include New York-based Haier America Trading LLC, with a claim of $2.4 million; White Rose Grocery, based in Carteret, New Jersey, with a claim of $1.2 million; and American Color Graphics Inc., based in Atlanta, with a claim of $1.1 million.
Company officials didn’t immediately respond to a voice- mail message seeking comment.
The case is In re National Wholesale Liquidators Inc., 08-12868, U.S. Bankruptcy Court, District of Delaware (Wilmington).
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