The New York Post reports that insurers' haggling over hurricane-related claims has forced Big M, the operator of Mandee and Annie Sez chains, to file for Chapter 11 this week.
Mandee and Annie Sez are regional chains based in New York and New Jersey, and although the stores were struggling in 2011, Big M was on track to post a $1.9 million profit for 2012, according to company executives. Having to close its corporate offices and New Jersey distribution center for a week as a result of the hurricane, however, has played havoc with Big M's financials.
The company estimates that it's entitled to more than $6 million in insurance reimbursement. It plans to keep all of its stores open through the reorganization process.
0 comments
Hide comments