Harvey Electronics Files Chapter 11
The New Jersey-based electronics chain Harvey Electronics announced Friday that it had declared Chapter 11 in U.S. Bankruptcy Court. The petition was filed with the Court for the Southern District of New York.
The filing became necessary, the company said, largely because of its failed merger earlier this year with MyerEmco, Inc., which cost Harvey over $1.2 million. After the merger was called off, at MyerEmco’s insistence, in August, the company had a difficult time raising new capital.
Harvey will continue to operate, and expects to emerge from bankruptcy in the spring of next year.