Silo Holdings Seeks Chapter 11 Bankruptcy Protection : Retailing: Chain’s president says he does not want to speculate on whether it will emerge from bankruptcy.

Silo Holdings Inc., a Philadelphia-based chain of retail consumer electronics stores that made an unsuccessful foray into the Southern California market, filed Tuesday for federal bankruptcy protection.

The move came two weeks after the corporation liquidated its warehouse stock and began closing many of its stores, including 11 in the San Diego area, Silo President Stuart Cone said.

Silo shut down its nine outlets in Los Angeles, Orange and Ventura counties in January 1994 after facing stiff competition in the region from chains such as the Good Guys, Circuit City and Sears, Roebuck & Co.

Cone said the company has about 55 stores still open around the country but that the inventories at those outlets are being sold. The majority of the company’s employees has been laid off, he said.

“The retail business is as tough as it gets,” said Cone, who was named president a month ago.

He added that he did not want to speculate on whether the company would emerge from bankruptcy.

The company asked the U.S. Bankruptcy Court in Wilmington, Del., for protection from creditors under Chapter 11 of the Bankruptcy Code while it attempts to reorganize.

Silo Holdings is a part of Fretter Inc. of Brighton, Mich., which did not seek bankruptcy protection.

“Silo never got it,” said Lewis H. Alton, an equity analyst at L.H. Alton and Associates in San Francisco. Alton said Silo tried to emulate rivals such as Circuit City but that it was never able to become very competitive.

He said the company has been ailing for several years, adding that it is an example of how tough it is to compete in the consumer electronics business, particularly in Los Angeles, which he called the country’s most competitive retail market.

The companies listed consolidated assets of $118.9 million and estimated consolidated liabilities of $202.8 million.