Here's a happy ending to a bankruptcy story.
Catonsville-based Stansbury Stereo and Video Centers, which filed for Chapter 11 protection from its creditors under the U.S. Bankruptcy Code in mid-October, has been acquired by Bryn Mawr Stereo, an audio-video chain based in suburban Philadelphia, Bryn Mawr Vice President Richard Glikes said yesterday.
The deal cost the 18-store Bryn Mawr chain about $300,000, he said.
Stansbury will keep its four retail outlets in Catonsville, Timonium, Perry Hall and Dundalk and its service center.
Most of Stansbury's approximately 50 employees have been retained under the new ownership.
The only employment casualties were in Stansbury's mail-order operation, which Bryn Mawr chose not to continue, Mr. Glikes said.
The Stansbury name will be kept, he said.