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 “big box” stores such as are operated by Building 19. As a result, Building 19s’ respective sales have declined. The decline in sales and the resulting losses, among other things, eroded Building 19’s working capital. Without sufficient working capital, Building 19 was left with little flexibility to make inventory purchases. Since much of Building 19’s inventory consists of surplus, salvage goods, overstocks, closeouts and irregulars that become available erratically, Building 19’s business model relies, in part, on having sufficient working capital on hand to make erratic inventory purchases. Building 19’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.