Herb Philipson’s NOT Closing, Filing Chapter 11 Bankruptcy To Restructure Company
It was announced local retailer, Herb Philipson's, has filed for Chapter 11 bankruptcy.
The decision was made to “preserve the existing stores, 350 employees and continue providing great products at reasonable prices to the Central New York community,” according to their press release.
In March 2018, the company was purchased from the founding family of the company. Over the past several months, the community has embraced the changes made to the stores and continued the strong support of the retail business. Unfortunately, the lender to the company did not see any of the tremendous changes and exciting developments taking place at Herb Philipson’s Army and Navy Stores, Inc.