Herb Philipson’s Heads to Auction
Bankrupt Herb Philipson’s Army and Navy will be auctioned off on July 24 at the Utica, NY, courthouse, according to bankruptcy court documents, with the debtors hoping to attract bids for the retailer as a going concern. The upstate NY chain has been limping along since it filed for Chapter 11 last fall, closing five of its nine stores in the meantime, and is now running out of cash. Herb Philipson’s was acquired from the Philipson family by long time employee Guy Viti earlier in 2018, and the bankruptcy filing and subsequent restructuring has resulted in a contentious dispute between ... Log in to view full article.