After American Commodore closes Valley stores, parent company seeks liquidation from bankruptcy court
Customers and former employees now know why the Valley’s two American Commodore tuxedo stores suddenly shut down earlier this month.
21 News has learned that the store’s parent company, Tip Top Tux has filed for Chapter 7 bankruptcy, seeking to liquidate all of the retail rental chain’s assets because of debt between $1 million and $10 million owed to more than 10,000 creditors.
Most of the 528-page document filed by company CEO John Sabol in the Northern District of Georgia Bankruptcy Court is taken up listing those creditors which includes utility companies and others such as the Southern Park Mall and the Mahoning Valley Scrappers.
The company filed for bankruptcy less than a week after employees of American Commodore stores at the Eastwood Mall Complex and Southern Park Mall were told that the stores were suddenly closing.
Other tuxedo rental and bridal stores owned by Tip Top around the country were also closed the first weekend of August, leaving people planning weddings and other events scrambling.
The judge overseeing the bankruptcy case has set an August 25 deadline for the company to provide more detailed information about its assets and liabilities.
A telephone meeting of creditors is set for September 13.