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Bernie's to File for Bankruptcy
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Connecticut electronics retailer Bernie’s has announced it’s going out of business.  The Enfield-based chain says it will close its doors for good by the end of next month, leaving 350 people out of work.  WNPR’s Harriet Jones reports.

Bernie’s has been a Connecticut fixture since the 1940s.  It currently runs 15 stores in Connecticut, Rhode Island and Massachusetts.  The chain filed for bankruptcy Thursday, and says if the court gives the go-ahead it will hold a going-out-of-business sale before shuttering its stores at the end of February. In a statement, Bernie’s blamed the economy, and a “challenging retail environment” for its woes. 

As well as the stores, Bernie’s will close its distribution center and headquarters.  The company’s total assets of just over $35 million now roughly equal its liabilities.  Employees were given the news Thursday by company President Milton Rosenberg who inherited the company from his father Bernie Rosenberg.  The retailer says as the bankruptcy goes forward it will accept any outstanding gift cards, as well as honoring warranties and rebates.  Employees will also continue to be paid until the final closure.

For WNPR, I'm Harriet Jones.