1. Losses sink bed and bath outlet into Chapter 11.
- Author
-
Philippidis, Alex
- Subjects
BUSINESS failures ,BANKRUPTCY ,FAMILY-owned business enterprises ,RETAIL stores ,HOUSEHOLD linens industry ,TOWEL industry ,RETAIL industry ,AMERICAN business enterprises - Abstract
Reports on 70-year-old family business, Max Salko Corp., of Elmsford, New York which was compelled to file for bankruptcy. Severe downturn in economy after September 11, 2001 and attempts to compete with mega-stores such as Bed, Bath & Beyond which contributed to the Chapter 11 filing; Possible repositioning of the business; Sales which plummeted; Salko's problems which are typical of many smaller bed and bath retailers; Chain bed-bath retailers and national larger discounters which account for two-thirds of sales recorded by manufacturers of sheets, towels and other textiles; Flood of lower priced Asian products which add to the woes of independent businesses.
- Published
- 2003