Phillip Gall's files for voluntary Ch. 7 bankruptcy liquidation

Phillip Gall's Inc., a Lexington, Ky., outdoor sports store, filed a voluntary petition for liquidation under Chapter 7 of the U.S. Bankruptcy Court for the Eastern District of Kentucky, Lexington on Aug. 13, 2007.
Author:
Publish date:

Phillip Gall's Inc., a Lexington, Ky., outdoor sports store, filed a voluntary petition for liquidation under Chapter 7 of the U.S. Bankruptcy Court for the Eastern District of Kentucky, Lexington on Aug. 13, 2007.

Gall's listed assets of $100,845 against debts of $692,720. It retained W. Thomas Bunch, Esq., of Bunch & Brock as its legal counsel. James W. Gardner was appointed as the case trustee. The largest unsecured creditors are American Express, Capital One FSB, Columbia Sportswear, Equity Alliance, Johnson Outdoors and Mountain Hardwear.

Gall's, which has been in business since 1902 and operated under the name, Phillip Gall's Outdoor & Ski, said through its attorney that it could no longer compete with a climate of chain retailers opening in nearby areas coupled with the impacts of Internet business taking sales and warmer-than-expected winters.

In the bankruptcy filing, Gall's reported sales of $1.96 million in 2006, $2.05 million in 2006, and $942,258 YTD for 2007.

Ironically, Sidney Gall sold the retailer's firearms and police equipment business in 1983 to employee Alan F. Bloomfield, who would build that business into one of the nation's top public safety uniform suppliers before he, in turn, sold it for a princely sum to Aramark Corp. in 1995. Sidney Gall retired in 1983, turning the business over to his son, Steven.

Related

TKO files Ch. 11 bankruptcy reorganization

Rumors of financial instability have culminated for TKO Sports in a filing for Chapter 11 bankruptcy reorganization in a Texas court just days before the new federal laws on bankruptcy took effect. TKO Sports Group USA Ltd. quietly filed on Oct. 11 for the court protection plan ...read more