|
|
Article: Reliable optimistic about future. (Reliable Drug Stores Inc.) (Special Double Issue)(The State of the Industry)
- Article from:
- Chain Drug Review
- Article date:
- April 26, 1993
CopyrightCOPYRIGHT 1993 Racher Press, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
INDIANAPOLIS--Reliable Drug Stores is confident that, even though 1992 ended on a somber note with its filing for Chapter 11, it will experience a revival by the conclusion of this year.
The 250-store chain filed for protection from its creditors last December after failing to restructure $70 million in long-term debt. (It listed $140 million in assets and $148 million in liabilities at the time that it filed for Chapter 11 protection.)
But by this December a concrete reorganization plan should be in place, predicts Steven Ancel, an attorney with Ancel & Dunlap, the law firm representing Reliable.
The retailer, which operates in seven states (Indiana, ...