First Anthony's Pier 4, then the Hilltop, now Building 19. Chapter 11 Cases reports the iconic chain for cheap New Englanders has filed for Chapter 11 - and plans to liquidate, rather than just reorganize:
The advent of internet shopping has dramatically altered the retail landscape, particularly for so-called â€śbig boxâ€ť stores such as are operated by Building 19. As a result, Building 19sâ€™ respective sales have declined. The decline in sales and the resulting losses, among other things, eroded Building 19â€™s working capital. Without sufficient working capital, Building 19 was left with little flexibility to make inventory purchases. Since much of Building 19â€™s inventory consists of surplus, salvage goods, overstocks, closeouts and irregulars that become available erratically, Building 19â€™s business model relies, in part, on having sufficient working capital on hand to make erratic inventory purchases. Building 19â€™s lack of working capital impaired its ability to capitalize on erratic opportunities to purchase inventory. The combined impact of declining sales, continuing losses and a lack of working capital forced the Debtors to file for Chapter 11 bankruptcy protection.