RETAILING
From Times Staff and Wire Reports
Phil & Jim’s Files for Bankruptcy Protection: The Phil & Jim’s electronics and appliance chain, pressured by major manufacturers who are owed $8.7 million, filed to reorganize its debts under Chapter 11 of the federal bankruptcy laws. The 40-year-old Anaheim company’s petition comes as it prepares for a liquidation sale that begins today in five stores that remain open. The bankruptcy petition lists debts of $16 million, about $9 million of it secured, and assets of $7.1 million.
