On Sunday, March 24, 2013, Namco, LLC dba Branch Brook filed for Chapter 11 bankruptcy protection before the District of Delaware (docket # 13-10610). The Manchester, Connecticut based retailer sells pools, pool accessories and other recreational equipment and operates 37 stores mostly in the Northeast. Bankruptcy documents state Namco closed 21 stores since January 2012.
Whether you’re a landlord or a trade creditor, you should immediately contact counsel to protect your rights. Following are three (3) simple, but important questions to ask:
Landlords: (1) Is the Debtor assuming or rejecting the lease; (2) When and how will “stub” rent (the rent between the petition date and the next regular monthly payment) be paid?; and (3) What other damages are owed (both pre- and post-petition)?
Trade Creditors: (1) Do I have a reclamation claim and how do I assert the same (the right of a trade creditor to demand the return of unpaid goods); (2) Does the Debtor want to continue to do business; ad (3) What other monies are owed?
Both commercial Landlords and Trade Creditors should contact bankruptcy attorneys immediately. Failure to address these issues in a timely manner can be detrimental to protecting your rights. Sound legal counsel can obtain your objectives of getting paid in a quick and efficient manner.
Contact Stark & Stark’s Creditor’s Rights Group to assist you in this or other bankruptcy matters. Our bankruptcy attorneys regularly represent landlords in the District of Delaware, as well as the District of New Jersey, Southern and Eastern Districts of New York, and Eastern District of Pennsylvania on a variety of issues.
For more information about the Namco, LLC bankruptcy filing and how Stark & Stark can assist you, please contact Thomas Onder, Shareholder at Stark & Stark (609) 219-7458 or tonder@Stark-Stark.com. Mr. Onder writes regularly on residential and commercial real estate issue and is a member of ICSC and its NextGeneration Committee.