Houston-based Handy Hardware Wholesale reports that fill rates have improved since the company filed its disclosure statement and plan of reorganization on March 6.
The 1,300-member regional co-op filed for Chapter 11 bankruptcy in January. Morrie Aaron, president of MCA Financial Group, Handy’s financial advisory firm that specializes in restructuring, says he expects the co-op’s reorganization plan to be approved and confirmed by the court in late June.
"We’ve been able to replenish our inventory since the filing date, and we’ve been able to get vendors back online,” said Aaron.
Since submitting the plan March 6, fill rates have improved from a level in the low 80% range to the high 80% range, according to Mickey Schulte, Handy’s VP merchandising.