Electronics Retailer Stops Paying Debts: Highland Superstores...
From Times Staff and Wire Reports
Electronics Retailer Stops Paying Debts: Highland Superstores Inc., one of the nation’s largest electronics retailers, said it has stopped paying its creditors and is closing 32 stores in Texas and New England to stave off a bankruptcy court filing. The Plymouth, Mich., company said it was trying to restructure its $79 million in debts to banks and bondholders. It suspended payments pending the outcome of negotiations with its bankers. Highland warned that if restructuring efforts are not completed in the near future, it could be forced to seek protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code.
