Boston Business Journal – by Craig M. Douglas
Economy Hardware Inc., a fixture in Cambridge’s Central Square, has voluntarily filed for Chapter 11 bankruptcy protection.
The retailer, which also operates stores on Massachusetts Avenue in Boston and Beacon Street in Brookline, filed its bankruptcy petition April 21 in Boston’s U.S. Bankruptcy Court.
In a phone interview Tuesday, owner Larry Friedman said the company “ran into some challenging years” that ultimately prompted the filing. He is the second-generation owner of the family business that has been in Greater Boston for over 61 years.
“We have no intention of winding down,” Friedman said. “I expect to have the stores as they exist now.”
In its bankruptcy filing, Economy Hardware said it has between 50 and 100 creditors and between $1 million and $10 million in liabilities. The company listed less than $2.19 million in liquid assets.