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 $10 million.
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.
Queen City's largest creditors, and the amount of their claims, include:
- Whirlpool, $2.5 million;
- GE, $598,384;
- Bosch Home Appliances, $354,634;
- Subzero/Wolf, $222,285;
- The Charlotte Observer, $168,967;
- Haier America, 86,076; and
- Warrantech, $70,845.
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.