Store Purchase Sought: National Lumber & Supply...
Store Purchase Sought: National Lumber & Supply Inc., whose liquidation was ordered by a federal bankruptcy judge on Tuesday, said Wednesday that company President Melvin Jaffee has been negotiating with the company’s creditors’ committee to purchase the retail chain’s two operating stores.
The Fountain Valley company said that other bidders are also making proposals regarding the home-improvement company’s stores, which are located in Cathedral City and in Encinitas.
The company, which once had 21 stores and 1,200 employees, had been trying to reorganize under a Chapter 11 bankruptcy since April, but continued losses forced it to seek a conversion to Chapter 7 liquidation.
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