Bankruptcy
A federal court ordered Davega Stores into straight bankruptcy in April 1963, when its court-appointed trustee could not formulate a reorganization plan under which the chain could pay its debts. Eight of its stores were acquired by Henry Modell & Co., which submitted a winning bid of $311,000 in an April 1963 auction. Henry Modell was the president of the newly formed Modell's Davega, Inc., which combined eight Davega Stores with its four discount locations. Headquarters of the new business was moved to Davega's store in the Commodore Hotel.
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Famous quotes containing the word bankruptcy:
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—Washington Irving (1783–1859)
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—Henry David Thoreau (1817–1862)