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Wednesday, October 28, 2009
Baillio's Parent Firm Files for Chapter 11
By Rivkela Brodsky
Journal Staff Writer
The company doing business as Baillio's has filed for Chapter 11 bankruptcy, citing the economy as the main reason behind the move.
The stores are expected to remain open and no job cuts have been announced.
“Mounting losses and those of sister stores in Colorado and Florida hit a critical point despite a recent uptick in sales,” according to a news release sent to the Journal on Tuesday.
DCE New Mexico LLC, dba business as Baillio's Inc., filed for bankruptcy protection last week.
The reorganization allows the electronics and appliances retailer to “bring expenses in line with sales,” according to the news release.
Baillio's continues to operate in Albuquerque at 5301 Menaul Blvd. NE and in Santa Fe at 3294 Cerrillos Rd.
“Thousands of businesses are struggling in a new economy, one very different from a few years ago,” said CEO Tony Jennings in the release. “We have the support of great vendors, our exceptional employees and their families, and with our loyal customers for whom we are very thankful, Baillio's will emerge a stronger company.”
Baillio's started in Albuquerque in 1966. It was purchased by Denver-based company, Appliance World Group, a year-and-a-half ago.
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