article with quotes from gpa tobin
SYUACUSE POST-STANDARD, POST-STANDARD, POST-STANDARD, July 3, 1973 23 Edwards Asks To Reorganize E. W. Edward & Son department department store yesterday filed a petition under a chapter chapter of the Bankruptcy Act, according according to President E. Richard Richard Smith. Smith stressed that although although the store is financially troubled, it is not bankrupt. A major objective for the filing, he indicated, is to give the store a breather during which it can restructure and Victory Coupon 100 Green Stamps With this coupon and $10,00 or more in purchases. purchases. Stamps not issued on beer or c/g-areffes. c/g-areffes. c/g-areffes. Limit one coupon per customer. Not Good Double Stamp Day Good at Victory thru July 7, 7973 Ad Effective July 2-7, 2-7, 2-7, 1973 Quantity Rights Reserved FrOt*/« Ideal For B-B-Q B-B-Q B-B-Q B-B-Q B-B-Q Lb. $1» 79? Chiffon Soft Bowl m M ^ A Margarine... 43* mm A Garden Fresh Leaf a a 159 Lettuce 6 ^ z3 Ii strengthen its operations. A plan for reorganization, he said, was initiated when tiie company divested itself of its Rochester operations this spring. A major objective of the filing is to implement this plan, he added. Such a filing means a firm that has fallen on hard times financially but wants to continue continue in business and is given the time and opportunity to restructure under protection of a federal court without pressure frohi creditors on suspended past indebtedness. The firm's plan for repayment repayment is subject to court approval. approval. Smith said the petition was filed yesterday, with the Federal Federal District Court in Utica. Under the chapter, Edwards will be operating on a current basis in meeting payments to suppliers and other operating expenses. The financial reverses suffered suffered by Edwards, Smith said, were traceable to heavy losses chalked up by the Rochester stores. All these operations have been closed and the inventory and leases of the Ridgemont and Pitts-ford Pitts-ford Pitts-ford stores acquired by Goren Inc. of Boston. Edwards remaining stores are in downtown Syracuse, Caniillus Plaza and Shop-pingtown, Shop-pingtown, Shop-pingtown, DeWitt. The company company has about 600 local employes. employes. Edwards downtown store was opened last November in Clinton Square. Financed and developed by the State Urban Development Corp. (UDC), Edwards is a tenant in this property. The disposal of the company's company's Rochester stores came too late to save the company from filing under the chapter, but it allowed the store sufficient sufficient funds to buy inventory for Women's Day. according to James Tobin, executive vice president and chief administrative administrative officer. The big annual sales event, ho added, topped results of a vear ago by 7 per cent. * Otherwise, however, Tobin said the store's sales are slightly trailing last year's. This was due, he felt, to the slimness of inventory this vear. "We are very grateful to the lovaltv of our customers in trading with us even i hough thev didn't always find what they wanted," Tobin Tobin added. Now, he feels, Edwards' inventory inventory can be built up bemuse bemuse suppliers can be assured assured of being paid. "We are vcrv hopeful that the future will be bright," Tobin emphasized. emphasized. John Searles Jr.. executive vice president of the Metropolitan Metropolitan Development Association Association and representative of UDC in this area, said: "We obviously hope Edwards will pull through as a viable ten- ten- Tobin stressed the UDC has been 4<most cooperative in every every wav in helping Edwards to" refinance." The UDC is probably the company's larg-est larg-est larg-est creditor. Local banks have also joined to assist Edwards Edwards finance its local operations. operations. The store, according to Smith, will have the opportunity opportunity and the time to work out a plan and develop it under the protection of the court.