NewsSam Ash Music Stores, a renowned retailer of music equipment, has recently filed for bankruptcy protection, prompting store-closing sales. However, the company remains optimistic about saving stores and jobs by seeking a buyer.
Patrick Collins shared his insight with Newsday on potential next step for the retailer:
Sam Ash’s court filing shows it defaulted on a loan agreement with Tiger Finance for $18 million by not meeting deadlines for “showing progress toward a sale of the business or refinancing,” said bankruptcy attorney Patrick Collins, a partner at Uniondale law firm Farrell Fritz PC, who is not involved in the Sam Ash bankruptcy case. Tiger Finance had been forbearing from enforcing the defaults, but the forbearance period expired May 8, he said.
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