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Fishers Big Wheel To Liquidate

NEW YORK -- Fishers Big Wheel Inc., a discount department store chain operating in Chapter 11, will liquidate all 54 of its locations. About 2,300 employees will be affected.<BR><BR>The retailer blamed the decision on the "difficult business...

NEW YORK — Fishers Big Wheel Inc., a discount department store chain operating in Chapter 11, will liquidate all 54 of its locations. About 2,300 employees will be affected.

The retailer blamed the decision on the “difficult business environment.” Fishers entered bankruptcy proceedings in Wilmington, Del., last August following months of bank negotiations and tightened trade credit.

In a statement, Albert A. Agostinelli, chief financial officer, said Fishers expects to honor its post-filing obligations to suppliers.

A company spokeswoman said Monday that no timetable has been set for the going-out-of-business sales. A hearing on Fishers’ motion to liquidate is scheduled for Jan. 5.

At the time of the Chapter 11 filing, Fishers, based in New Castle, Pa., listed total liabilities of $141 million and assets of $100 million.