ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, November 23, 1996 TAG: 9611250158
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
250 workers spend last day at Best
RICHMOND - Friday was the final day of work for about 250 employees at Best Products Co. headquarters and distribution center.
The affected employees received termination notices Thursday. Another 100 will get dismissal notices Dec. 6.
The 350 layoffs are the first round of job cuts at Best, which plans to liquidate its stock and end operations early next year after 40 years as a catalog showroom retailing chain.
The next round of cuts, involving 75 to 100 employees, will occur between Dec. 28 and Jan. 10.
-Associated Press
Bankruptcies
Twelve bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Five of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.
* G-1 Aviation Inc. of Roanoke, an aircraft-leasing company, filed for reorganization and protection from creditors. Richard Hamlett, president, estimated assets at more than $500,000 and liabilities at more than $100,000.
* Castle Optics Inc. of Roanoke, a wholesale distributor of optical products, filed for reorganization and protection from creditors, listing assets of $564,947 and liabilities of $945,288.
* Summit Vendors Roanoke Inc. of Salem, a vending-machine supply company, filed for reorganization and protection from creditors. Russell King, president, estimated both assets and liabilities at less than $50,000.
* Edwin McKinley Pagans Jr. and Elizabeth Faye Pagans of Moneta filed for liquidation with assets of $12,848 and liabilities of $29,791. Edwin Pagans is an excavating subcontractor and Elizabeth Pagans is in the child-care business.
* Robert G. Cantley Inc. of Roanoke, a surveying business, filed for reorganization and protection from creditors. Robert Cantley, president, estimated assets at less than $50,000 and liabilities at more than $100,000.
* Glen Allen Shankel and Carolyn Claudia Shankel of Bristol filed for a wage-earner plan for repayment of debts, with assets of $67,125 and liabilities of $189,087. They operate the Fish Tank, a tropical pet store.
* Joe Lee Stevens of Roanoke, who runs a plumbing, heating and air conditioning service, filed for liquidation with assets of $70,725 and liabilities of $98,437.
* Stacy Fletcher and Patricia A. Fletcher of Big Stone Gap filed for liquidation, with assets of $8,400 and liabilities of $16,239. Stacy Fletcher is a self-employed contractor.
* Jeffrey A. Moser and Hollye A. Moser of Galax filed for liquidation, with assets of $68,084 and liabilities of $84,935. Jeffrey Moser operates Moser's Lawn Service.
* Douglas Arthur Wright of Abingdon, a chiropractor, filed for liquidation, with assets of $5,925 and liabilities of $50,000.
* Terry Lee McCreary of Roanoke filed for liquidation, with assets of $2,179 and liabilities of $42,132. He is a computer consultant operating as LeeMc Enterprises.
* Sammy Chester and Nora E. Chester of Pound filed for liquidation, with assets of $51,590 and liabilities of $53,172. Nora Chester formerly operated Four Ever Tan.
-Staff report
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