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From Times Staff and Wire Reports
McCrory Says Chapter 11 Is Possibility: The five-and-dime store company revealed the gravity of its financial troubles by saying that it will miss a payment on a small loan and hinting that it may seek bankruptcy protection. The loan payment, due on $3.37 million in securities, is scheduled to be made today. McCrory, based in York, Pa., operates the G. C. Murphy, J. J. Newberry, H. L. Green and S. H. Kress outlets, some of the nation’s oldest names in dime stores. McCrory stores, located primarily in low-income urban areas, lost $16 million in the first nine months of 1991.
