Hills Department Stores Inc., the nation’s fifth-largest discount retailer, filed for protection from its creditors yesterday after failing to gain approval from banks and bondholders for a refinancing plan. Hills, which is based in Canton, Mass., and some of its affiliates made the filing under the chapter 11 (http://www.newsandsociety.net/) provisions of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Hills operates more than 200 stores in 14 states, mostly in the Midwest, selling apparel and houshold items. It listed assets and liabilities of about $1 billion each as of Dec. 31, 1990. The company is profitable on an operating basis but has been struggling to meet debt and interest obligations and has reported losses over the last year. Since 1989, it has undergone a $425 million refinancing, the signing of a $325 million working capital agreement and the acquisition of 33 Gold Circle discount stores in Ohio and New York from Federated Department Stores Inc. Blocked by Creditors John C. Brouillard, Hills’s president and chief operating officer, said in a telephone interview yesterday that the company had been unable to convince its creditors on a refinancing plan. “We put forth a number of proposals but they had to meet the requirements of various types of creditors, and that’s where we got bogged down,” he said.
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Failure of Individual Debtor, Owner of a Sole Proprietorship, Partners in a Partnership, or Directors and Officers.
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