THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Wednesday, February 12, 1997 TAG: 9702120793
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY STEPHANIE STOUGHTON, STAFF WRITER
LENGTH: 34 lines
Dipped cones, sundaes and other ice cream favorites might tempt anyone's taste buds. But Paul Genovese, owner of seven local High's Ice Cream stores, discovered it's difficult to lure customers when the mercury drops.
``We're trying to make it through the winter right now,'' said Genovese, owner of Virginia Beach-based Diversified Ice Cream Inc., which operates the seven High's shops and a Carvel Ice Cream store in Virginia Beach.
Tough winters and growing competition, including the new Ben & Jerry's in Virginia Beach's Great Neck area, helped land his company in U.S. Bankruptcy Court in Norfolk last October.
The company listed assets of $336,930 and liabilities of $430,000, according to the court filing.
Since its bankruptcy filing, Diversified has closed three unprofitable shops in Virginia Beach. As a cost-saving measure, it has cut back on hours at its remaining eight stores, Genovese said.
Genovese isn't certain what will come out of the bankruptcy. But he knows he'll probably end up selling several more locations.
``We'll try to keep a small part of the company - more of a mom-and-pop operation than a corporation,'' Genovese said. ``It was just too big. We weren't able to spend the kind of money necessary to manage an operation like this.''
Diversified now owns seven High's Ice Cream Stores in Chesapeake, Virginia Beach, Portsmouth and Norfolk. It also has a Carvel Ice Cream shop along Indian River Road in Virginia Beach.
There are several local High's and Carvel stores that are not owned by Diversified.