Posted at 11:38 a.m., Tuesday, February 18, 2003
Cheapo Music files for bankruptcy
Advertiser Staff
Cheapo Music & Books has filed for Chapter 11 bankruptcy protection from creditors in an attempt to restructure debts estimated at between $100,000 and $500,000.The company, operator of four retail stores at Puck's Alley, Makaloa Street and Pearl Kai Shopping Center, did not list estimated assets in the filing last week.
Store landlords are among the largest 20 creditors with unsecured claims totaling $355,000. Hidenori Henry Fukui, president of Cheapo's parent Archipelago Music Corp., said customer traffic has been weak.
The company, which bought the Jelly's book and music retail chain in 1999, is half owned by Honolulu-based Archipelago and half by St. Paul, Minn.-based Cheapo Music.
