Channel Control Merchants, which owns the Dirt Cheap and Treasure Hunt discount stores, has filed for Chapter 11 bankruptcy protection and seeks to close all 68 of its stores and its distribution centers by the end of the year.
The company, which and buys and processes secondary merchandise from retailers, resells it, and also sells to other off-price retailers and online retailers, listed 200-999 creditors and an estimated liabilities and assets of $100 million to $500 million each in court papers filed last Thursday in Delaware.
The company in recent months was burning up to $1 million a week, and after having exhausted its working line of capital in late July, it determined it had few other options but to file Chapter 11 and wind down its operations.
https://www.djournal.com/news/business/dirt-cheap-parent-company-files-chapter-11-to-close-all-stores/article_949ff28e-89e3-11ef-9636-3f147cba5121.html