Herb Philipson’s Army and Navy Stores, Inc. has filed a petition for Chapter 11 of the U S
Bankruptcy Code to secure new financing.
In March 2018, the company was purchased from the founding family of the company.
In a statement, a spokesperson for the company said:
Over the past several months, the community has embraced the changes made to the stores and continued the strong support of the retail business.
Unfortunately, the lender to the company did not see any of the tremendous changes and exciting developments taking place at Herb Philipson’s Army and Navy Stores, Inc.
The company has undertaken this action to preserve the existing stores, 350 employees and continue providing great products at reasonable prices to the Central New York community.