CHAIN HEADS TO LAST ROUNDUP; HOWARD, PHIL TO BE LIQUIDATED.Byline: Jason Takenouchi Daily News Staff Writer
Hounded by creditors and still struggling years after a bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most reorganization, Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. & Phil's Western Wear is finally hanging up its spurs.
A liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts.
A type of proceeding pursuant to federal Bankruptcy firm took control of the company's assets late last week, and it will sell off what remains of the once high-flying western wear empire May 27.
The Canyon Country-based chain was founded in 1962 by Howard and Phyllis McKeon, parents of Rep (programming) REP - A directive used in IBM object code card decks (and later PTF Tapes) to REPlace fragments of already assembled or compiled object code prior to link edit. . Howard P. ``Buck'' McKeon, R-Santa Clarita, and four other sons. At its height, the company had annual sales of $38 million.
But the company's road got rough in the mid- mid-
Middle: midbrain. 1990s, and in 1996 it filed for Chapter 11 reorganization. That plan failed this year when the company did not make required debt payments.
Company spokesman Joseph McKeon was unavailable for comment Monday.
The congressman said through a spokesman that the company's closing was a sad event.
``It's an unfortunate turn of events,'' said spokesman David Foy. ``Congressman McKeon had a lot of fond memories of building Howard and Phil's into a successful business.''
The 1996 bankruptcy filing came after Santa Monica-based Maerich Management Co., the landlord at the company's Antioch store in the bay area, sued the company for breach of contract.
Company officials have blamed their problems on the end of the booming western wear markets in the 1980s and early 1990s. Those spurts - fueled by the rising popularity of country music, line dancing line dancing
a form of dancing performed by rows of people to country and western music and the movie ``Urban Cowboy'' - fed an expansion to 56 stores by the early 1990s.
Howard and Phil's will be missed as a strong competitor, said Randy The name Randy generally derives from the names Randall or Randolph (meaning wolf with a shield). Randy is used as a given name primarily in the US and Canada. Men known as Randy
But the high-flying company's failure highlights the pitfalls of growing too fast, King said.
``Sometimes you can't rule the entire industry,'' he said. ``Sometimes you just have to be good at what you do in your own back yard.''