Local outdoor retailer “Herb” Philipson’s has filed a petition for Chapter 11 bankruptcy, the company announced Tuesday.
Chapter 11 allows a company to stay in control of its business operations while the company is reorganized.
"Herb" Philipson's was founded in 1951 by Herb Philipson, and in March 2018, longtime employee Guy Viti – who previously worked as the president of Merchandising and Operations – stepped up to purchase the company.
“Over the past several months, the community has embraced the changes made to the stores and continued the strong support of the retail business,” the company said in a news release. “Unfortunately, the lender to the company did not see any of the tremendous changes and exciting developments taking place at Herb Philipson’s Army and Navy Stores, Inc.”
The company says they’ve filed for Chapter 11 bankruptcy to “preserve the existing stores, 350 employees and continue providing great products at reasonable prices to the Central New York community.”
“Herb” Philipson’s has locations in Rome, New Hartford, Oneida, Herkimer, Watertown, Liverpool, Newark, Oswego and DeWitt.