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After 60 years in business, Queen City Audio, Video & Appliances filed for Chapter 11 bankruptcy Wednesday.
The company was founded in 1952, off South Tryon Street, by Woody Player. It was known as Queen City Television Service Co., which is still the company's corporate name. There are now seven Queen City Audio, Video & Appliances retail stores - in Charlotte, Statesville, Morganton, Mooresville, Salisbury and Rock Hill, according to the company's website.
Queen City is still run by the Player family, with Woody Player's son, Roddey Player, as the CEO.
Wednesday's filing was on behalf of Queen City Television Service Co., aka Queen City Audio, Video & Appliances. The company listed assets of between zero and $50,000, and liabilities of between $1 million and $10 million. There are between 200 and 999 creditors with outstanding debts, according to the filing.
Queen City has retained Richard Wright of Moon, Wright & Houston as legal counsel. Neither Wright nor Roddey Player could be reached Wednesday.
In a Chapter 11 bankruptcy, a company can continue to operate while it seeks to reorganize and emerge as a solvent company.
The filing represents a decline for a company that was looking to expand aggressively before the recession. In 2006, Queen City opened its 14th store, in Hickory, and planned a distribution center in Morganton. The company hoped to compete with big-box retailers such as Wal-Mart, Best Buy and Target. Staff researcher Maria David contributed
