Why did strauss auto close

That bankruptcy began with 86 stores and no secured debt. After expanding through the s, the company went private in and changed hands twice more in the ensuing years, most recently in when South River-based SDA Inc. No buyer is yet under contract. If the suit failed, unsecured creditors were told the recovery would be less than 14 percent plus the new stock.

The bankruptcy before that began in August The new case is Route 10 Associates Inc. The prior case is In re Autobacs Strauss Inc. Employees and customers of the chain were equally surprised this morning to arrive at locations in New York, New Jersey and Pennsylvania to find gates down and signs in the windows declaring stores closed, and directing customers to call , and employees to call supervisors.

She informed us that the company had declared bankruptcy overnight, and that all branches were closed. She did not have specifics about the number of employees, but estimated it as more than chain wide. The company had nine stores in Brooklyn, 22 19 stores citywide and 53 45 stores in the entire metro area, according to a list of stores on an archived version of its webpage.

They were just open yesterday. Strauss Stores was founded in by Isaac Izzy Strauss with the opening of five stores and a warehouse in Brooklyn.

Speaking Recovery New Jersey Dan Alexander Published: June 6, Share on Facebook Share on Twitter. Categories: New Jersey News. Back To Top.