Bernie's Comeback Planned: Report

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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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