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Bernie's Comeback Planned: Report

2/25/2010 01:10:00 PM Eastern

Enfield, Conn. - Bankrupt
electronics and appliance chain Bernie's may be making a comeback.

According to a report in The
Hartford Courant, a Connecticut daily newspaper, CEO Milton Rosenberg is
looking to acquire the company's trademark and open at least two stores within
the state.

The article cites an unnamed source
at the retailer's headquarters office, here, and a Boston real estate analyst
who reportedly spoke with the owner of a prospective property in Manchester,
Conn.

Rosenberg, whose father Bernie
founded the business in 1947, would neither confirm nor deny his plans to the
newspaper. Rosenberg similarly bought back the Bernie's name from then-owner
Newmark & Lewis after that chain went bankrupt in 1991.

Bernie's filed for
Chapter 11 bankruptcy protection
last month after defaulting on nearly $13
million in loans due to high costs, lower sales, reduced margins and the
protracted economic downturn in New England, the company said. Hilco Merchant
Resources has been conducting liquidation sales for the past six weeks and has
already closed seven stores. The last remaining eight locations are expected to
shutter by Sunday, The Courant said.

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