'Herb' Philipson's files for Chapter 11 bankruptcy
Herb Philipson's Army and Navy Stores, the longtime sporting goods retailer, has filed for bankruptcy under Chapter 11.
The company released a statement Tuesday afternoon saying it had filed in order to "secure new financing."
"The company has undertaken this action to preserve the existing stores, 350 employees, and continue providing great products at reasonable prices to the central New York community," read the unsigned statement.
Longtime employee Guy Viti purchased the company from its founding family in March.
According to the statement, the company's lender "did not see any of the tremendous changes and exciting developments taking place" within the company since the purchase.
Herb Philipson's has locations in Rome, Liverpool, New Hartford, Newark, Oneida, Oswego, Herkimer, DeWitt, and Watertown. It's corporate office is housed in the Rome store.