Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, January 7, 1992 TAG: 9201070072
SECTION: BUSINESS PAGE: A3 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Photo USA officials file for liquidationRichard Berry, former president of Photo USA in Salem, and his wife, Virginia, have filed a petition in Bankruptcy Court seeking liquidation. They follow two other principals of the firm and the company itself into Bankruptcy Court.
The Berrys, who have moved from Roanoke County to Richmond, listed debts of $4.9 million and assets of $253,002 in seeking protection from creditors. Much of their debt involves guaranteed loans to the photo firm. Their major creditors include Central Fidelity Bank, $1.5 million; Bank of Shawsville, $80,000; Crestar Mortgage, $50,234; and First Virginia Bank, $46,000.
Earlier, Nolan Jackson, former chairman of Photo USA; his wife, Lois; their son, Ronald, also a former president of the firm; and his wife, Linda, filed for liquidation in Bankruptcy Court. The senior Jacksons have moved to Florida.
Photo USA is operating in reorganization under bankruptcy protection after four unprofitable New York state stores were closed. Thomas Tanner, president, said its debt is about $2.5 million. The company is planning to file a plan for payment of creditors. - Staff report
\ Creditors' plan favored for Revco TWINSBURG, Ohio - Final but uncertified results of balloting on three proposed plans of reorganization for Revco D.S. Inc. show that the plan proposed by creditors has the strongest support and is closest to being confirmed.
Confirmation hearings are scheduled to begin Wednesday in U.S. Bankruptcy Court in Akron.
The creditor plan is the one supported by Revco. Neither the Rite Aid nor the Eckerd plan received support sufficient to win confirmation.
Revco operates 1,150 drug stores in 10 eastern states, including Virginia. - Staff report
\ Briefly . . .
Hyundai Motor Co. has recalled all 1986-89 Excels and 1987-89 Mitsubishi Precis cars for a problem that could melt air filters and lead to engine fires, company officials said. The recall affects about 837,000 Excels and 58,000 Precis models.
\ Circuit City Stores Inc., a Richmond-based consumer electronics retailer operating a store in Roanoke, on Monday reported December sales of $469.7 million, a 16 percent increase from December 1990, counting only stores that operated in both periods. The company also announced plans to open about 30 Superstores in Texas, Louisiana, Oklahoma and Arizona during the fiscal year that begins March 1.