Majestic Liquor Stores filed for Chapter 11 bankruptcy protection yesterday in Fort Worth, according to reports in the Star-Telegram.
A bankruptcy judge allowed the company to continue processing processing credit cards and pay its largest liquor suppliers in “first-day” motions, allowing the company to continue operating as a debtor in possession.
The judge also allowed pre-petition wages owed to the company’s 400 employees to be paid.
The filing says the company has between 100 and 199 creditors and debts totaling between $10 – $50 million. With $150 million in annual sales, the 68-year-old company announced that it expects to move through the bankruptcy proceedings toward a significantly improved balance sheet.
