APSCO Appliance & TV Centers Inc. has continued operations through a transaction with Famous Tate of Pinellas
APSCO Appliance & TV Centers Inc. – Ongoing shareholder disputes and declining revenue had put this family-owned and operated chain of appliance stores in Pinellas County, Florida in a tenuous financial position. The company’s financial problems were further exacerbated by cash flow pressures created by changes in payment terms by its lenders and a reduction of available credit. Eventually, one of the floorplan lenders filed a temporary restraining order and APSCO was forced to file for bankruptcy protection.
SC&H Capital was retained and quickly negotiated a stalking horse offer for the retail showrooms and inventory. Through a competitive process, multiple bids were received, and it was determined the stalking horse bid provided for maximum recovery for the estate. This sale of real estate and inventory allowed APSCO to pay off substantial portions of the secured debt and provided funds for unsecured creditors as well. This allowed the company to reorganize and ownership was able to keep the service business and associated real estate to continue those operations without interruption.