Owner of Boardman bridal shop files for bankruptcy liquidation
The company that runs a chain of bridal stores, including a Boardman location, has filed for bankruptcy, seeking liquidation of its assets.
The company that runs a chain of bridal stores, including a Boardman location, has filed for bankruptcy, seeking liquidation of its assets.
Alfred Angelo Bridal filed a petition for Chapter 7 bankruptcy on Friday, one day after word spread that the store on Route 224 and 59 other stores around the country had locked their doors.
Chapter 7 of the Bankruptcy Code provides for "liquidation" - the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
The petition filed in Florida states that the company owes between $50 million and $100 million to fewer than 49 creditors. Alfred Angelo estimates its assets at less than $50,000.
When 21 News stopped by the boutique on Route 224, a "store closed" sign was found on the door.
The sign also directed customers to email, predmond@stearnesweaver.com, the store's national attorney.
Employees said customers that are worried about their dresses are being instructed to call customer service at 888-218-0044.
The Better Business Bureau says if you don't want to lose out when a business closes don't hold your gift cards, avoid paying in advance, pay using a credit card, and keep documentation of all transactions.
