Charlotte, N.C. - North
Carolina specialty chain Queen City Audio, Video & Appliances has filed for
Chapter 11 bankruptcy protection.
According to the voluntary
petition, filed with a U.S. Bankruptcy Court here on Feb. 1, the six-store
chain has assets of between $0 and $50,000 and debts of between $1 million and
The company, which
employs about 80 staffers, continues to operate under CEO Roddy Player as a
debtor-in-possession (DIP) as it looks to reorganize. Player and three family
members together control 100 percent of the company's stock.
largest creditors, and the amount of their claims, include:
Queen City opened in
1952 as a TV repair shop founded by Roddy's father, Woody Player. At its peak
in the mid-2000s the company operated 14 stores throughout North Carolina
following a period of aggressive growth under then-CEO Chip Player.
The former NATM
dealer left the buying organization in 2010 to join the Nationwide Marketing
Group, where it had been a member through much of the 1980s and 1990s.
At the time, Roddy
Player told TWICE that high unemployment within Charlotte's banking industry,
and the consolidation of four of its stores, had impacted sales.
On Wednesday the
court gave Queen City a two-week extension of its deadline for filing
statements of its financial affairs.
Charlotte, N.C. - North Carolina specialty chain Queen City Audio, Video & Appliances has filed for Chapter 11 bankruptcy protection.