You know that Centennial liquor store down the street? It could be closing – if it hasn’t already.
One of Dallas’ oldest liquor retailers filed for Chapter 11 bankruptcy protection today, reports the Star-Telegram in Fort Worth; the chain owes $6 million to BBVA Compass bank, as well as $4.4 million to the area’s biggest wine and liquor wholesalers. By state law, the chain can’t buy new liquor or wine until it pays the $4.4 million, and hasn’t been able to buy wine or spirits for a couple of months. Sales are down 50 percent this year over last.
A Centennial attorney told the newspaper that it expects to restructure its debt and to continue operating, though it expects to close some of its remaining 23 stores (down from 70 just a couple of years ago). The chain owns Centennial, Majestic and Big Daddy’s stores in the Dallas and Fort Worth areas.