The outdoor outfitter Herb Philipson’s may be sold by July 24 to the highest bidder through voluntary Chapter 11 bankruptcy proceedings.
Prospective buyers must submit their bids for the company’s assets by July 22, according to a notice of auction filed with the U.S. Bankruptcy Court Northern District of New York, Utica. A sale hearing has been scheduled for July 24, but if more than one offer is received, the highest bidder will be identified at a bankruptcy auction scheduled that same day before the sale hearing.
The buyer will be “free and clear of all liens, claims and encumbrances, security interests and other interests,” according to the sale notice.
The company, formally known as Herb Philipson’s Army and Navy Stores Inc., filed for bankruptcy protection in October to restructure. After filing for bankruptcy, however, Herb Philipson’s, Rome, closed stores in Oswego, Newark and Dewitt.
The retailer also closed its Watertown location in October, but owner Guy Viti, who could not be reached for comment Monday morning, previously said he planned for the closure to be temporary and hoped to have the store re-open in the fall. He previously said his efforts to “build the company back” required “moving inventory around” the company’s four remaining locations in Rome, Liverpool, New Hartford and Herkimer.
Herb Philipson’s was founded in 1951, and its Watertown location opened in 2003. Mr. Viti, a company employee for more than 37 years, purchased it from Gary L. Philipson in March 2018.