WATERTOWN, N.Y. (WWNY) - The man working to bring the Herb Philipson's chain out of bankruptcy may sell instead.
This week a federal bankruptcy court okayed an auction set for later this month for the nine-store chain, which includes a store in Watertown.
Bankruptcy court papers cite the chain’s "dire financial situation " and “severely dwindling cash reserves.”
Owner Guy Viti, who bought the company and then filed for bankruptcy protection last fall, told 7 News he hopes a sale will put the company back on track.
“I’m trying to keep the company alive. I’d like to open up in Watertown. The fixtures are all there, we’re ready to put some inventory into it. We’re trying to sell the business. I have someone interested in buying. And that’s what I’m trying to do, is keep the name running, Herb Philipson, and I’m trying to keep the people employed,” he said.
The chain closed several stores recently, including Watertown, to consolidate inventory in stores that remained open.
Viti said that under a new owner with more money and inventory, the Watertown store could be reopened in as little as two days.
The chain features outdoor and casual apparel, work clothes, sporting goods, and surplus items.
Herb Philipson’s is based in Rome, New York. It has stores in Rome, New Hartford, Oneida, Herkimer, Watertown, Liverpool, Newark, Oswego and Dewitt.
The Watertown store is located in Price Chopper Plaza off Arsenal Street.