The Indianapolis Star reports that Marsh has filed for Chapter 11 bankruptcy, saying it was taking the step " to allow business to continue as usual in its 44 remaining stores." However, the company also said that it will have to shut down if it cannot find a buyer in two months.
Marsh reported has retained investment bank Peter J. Solomon Company to market its assets.
The Marsh filing "estimated it has up to 49 creditors, estimated assets of up to $50,000 — the smallest amount that could be checked on the bankruptcy filing — and liabilities of $50 million to $100 million."
Marsh already is in the process of closing down 19 stores, which will leave it with 44; Marsh had 120 in 2006, when Florida-based Sun Capital Partners acquired the company.
Marsh reported has retained investment bank Peter J. Solomon Company to market its assets.
The Marsh filing "estimated it has up to 49 creditors, estimated assets of up to $50,000 — the smallest amount that could be checked on the bankruptcy filing — and liabilities of $50 million to $100 million."
Marsh already is in the process of closing down 19 stores, which will leave it with 44; Marsh had 120 in 2006, when Florida-based Sun Capital Partners acquired the company.
- KC's View:
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Bankruptcy almost certainly seemed inevitable, but I continue to be struck by how the company has shrunk over the past decade; it is almost as if it has been taking growth lessons from Edward Lampert.
And speaking of Lampert...
