Stansbury chain of 4 stores files for bankruptcy

October 18, 1990|By Cindy Harper-Evans

Stansbury Stereo and Video Centers, a 40-year-old retailer whose name was once synonymous to local consumers with a place to buy big-screen televisions, has filed for reorganization in the U.S. Bankruptcy Court in Baltimore.

The four-store and mail-order audio-equipment business, which was started by Milton Schwartzman, also has agreed to be purchased by Bryn Mawr Stereo, a 14-store chain based in suburban Philadelphia that has stores in Pennsylvania, Delaware and New Jersey and annual sales approaching $25 million.

Stansbury has stores in Catonsville, Timonium, Dundalk and Perry Hall.

The sale of Stansbury, for approximately $250,000 -- which does not include inventory or the assumption of debt -- is contingent on bankruptcy court approval.

"Stansbury was the place to buy satellite dishes and large-screen TVs to many Baltimore residents," said Joel I. Sher, the attorney with Shapiro & Olander who is handling the case for Stansbury.

Mr. Sher said Stansbury's stereo, audio and video business went into a severe downturn about 18 months ago, which he said can be attributed in part to a sluggish economy and an ill-timed expansion.

In the court filing Friday, Stansbury's assets are listed as more than $3.74 million, its debt as more than $3.67 million

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