Daily News Record, September 27th, 1989
M&R AIMS TO CLOSE 4 UNITS
RICHMOND, Va. (FNS) -- Miller & Rhoads, Inc., a department store chain that is reorganizing in Chapter 11 proceedings, plans to close four unprofitable stores.
The company is seeking bankruptcy court approval to have Buxbaum, Ginsberg & Associates, Inc., conduct liquidation sales at units in Lynchburg, Hampton and Roanoke, Va., and Raleigh, N.C. A hearing on the motion is set for Oct. 4.
Under an agreement between the two companies, Buxbaum Ginsberg would guarantee the retailer 40 percent of the retail value of the inventory, which is...
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