"Herb" Philipson’s filed this week for Chapter 11 bankruptcy, but its new owner says that's only temporary, to buy time for the local outdoor retailer which has nine different locations across Central and Northern New York.
Longtime employee Guy Viti bought the company from the Philipsons in March, and still has grand plans to carry out business like never before.
"Business sometimes calls for a restructure, and that is exactly what we are trying to do to make it bigger and better than before," Viti said. "We had a re-grand opening on the 16th of last month. We are getting merchandise everyday."
Viti says Chapter 11 will allow him to stay in control of the business while refinancing its debt, and says it's a mutual agreement to split ways with a financing company.
As to what's next, Viti will appear in state court to decide how much time the company will have to emerge from bankruptcy. There is no date set yet for that court appearance.
"Herb" Philipson's employs 350 people.