Byline: Cailin Brown Business writer
Cohoes Specialty Stores Ltd. filed for protection from its creditors Wednesday under Chapter 11 of the Federal Bankruptcy Code after the owner said he failed to reach an agreement with a prospective purchaser for his five-store chain.
Sanford Zimmerman, chairman and owner of Cohoes, said last Friday that several of his creditors had filed lawsuits against his company in New York and Georgia courts, forcing him to try to sell to a group of New York city investors.
Zimmerman blamed his company's cash flow problems on a slow retail climate, a changing industry, and past tax problems.
After lengthy negotiations in New York last weekend, Zimmerman said Wednesday that the deal still could not be concluded. …
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