Herb Philipson’s Bankruptcy Update

It’s been almost ten months since Herb Philipson’s filed for Chapter 11 Bankruptcy, but how much longer will it be before Herb Philipson’s closes their remaining stores?

Posted: Aug 22, 2019 6:11 PM

Sporting goods store Herb Philipson’s is still in the process of completing a bankruptcy. Court papers indicate the company has already sustained substantial losses. Over $4 million through June of 2019, and another $2 million in post-petition accounts that will likely go unpaid. We can tell you Herb’s online store has been closed. Personal at the Rome location tell us “We are closing, but we don’t have a date. It will be at least two months.”

The New Hartford store tells us “Yes, we are closing…90 days from August, we don’t have an exact date yet.”
We did try to contact New Hartford Shopping Center’s Manager Bill Morris, to find out how the closure will affect the shopping center. Philipson’s is considered their anchor store. We have not received a return call.

The Herkimer store is probably the least informed. They tell us “We are closing, we haven’t been told anything more.”
We did catch up with the Village of Herkimer’s Deputy Mayor, Mark Ainsworth, who spoke about what the loss will mean to the Village.

"It’s certainly a bad thing when any business goes out. You know you don’t like to see a business leave because again in Herkimer we’ve lost a lot over the last few years with businesses, and we’re trying to improve our Main Street, and want to improve our Main Street, and you want to capture those businesses and you want them to stay. You need that to flourish."

We did speak with Philipson's Owner Guy Viti today, who operated the company for a year and a half and says he did try to save the company, but is now working on signing the papers to finalize the bankruptcy. 

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