Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comMilitary, Law Enforcement Supplier Seeks Chapter 11 Bankruptcy Protection
Author: Joel R. Glucksman|April 19, 2013
Military, Law Enforcement Supplier Seeks Chapter 11 Bankruptcy Protection
U.S. Cavalry Store Inc., a provider of military and law enforcement gear and equipment, has filed for Chapter 11 Bankruptcy protection.
The Kentucky-based company owes money to between 200 and a thousand creditors. It listed assets of less than $50,000 and liabilities ranging from $1 million to $10 million, according to The Associated Press. However, company president James Leonard said U.S. Cavalry’s decision to seek protection is part of a planned process, and announced a deal between it and ERMC Property Management, which plans to purchase its assets out of bankruptcy, the AP reports.
The buyer has agreed to maintain the name of U.S. Cavalry, retain all employees currently working for the company, and keep the supplier’s headquarters in Radcliffe, Kentucky. Leonard told the AP that while the company has yet to file a reorganization plan, he hopes the bankruptcy process will be completed quickly so that the company can continue serving the needs of the community and improve its financial position.
U.S. Cavalry currently supplies tactical gear, boots and uniforms to a number of retail stores in Fort Knox and Fort Campbell, Kentucky, as well as Fort Stewart and Columbus, Georgia.
Military, Law Enforcement Supplier Seeks Chapter 11 Bankruptcy Protection
Author: Joel R. Glucksman
U.S. Cavalry Store Inc., a provider of military and law enforcement gear and equipment, has filed for Chapter 11 Bankruptcy protection.
The Kentucky-based company owes money to between 200 and a thousand creditors. It listed assets of less than $50,000 and liabilities ranging from $1 million to $10 million, according to The Associated Press. However, company president James Leonard said U.S. Cavalry’s decision to seek protection is part of a planned process, and announced a deal between it and ERMC Property Management, which plans to purchase its assets out of bankruptcy, the AP reports.
The buyer has agreed to maintain the name of U.S. Cavalry, retain all employees currently working for the company, and keep the supplier’s headquarters in Radcliffe, Kentucky. Leonard told the AP that while the company has yet to file a reorganization plan, he hopes the bankruptcy process will be completed quickly so that the company can continue serving the needs of the community and improve its financial position.
U.S. Cavalry currently supplies tactical gear, boots and uniforms to a number of retail stores in Fort Knox and Fort Campbell, Kentucky, as well as Fort Stewart and Columbus, Georgia.
