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ORANGE COUNTY BRIEFLY

Phil & Jim's Not Talking About Bankruptcy Hint

January 14, 1994|GREG JOHNSON

ANAHEIM — Executives at Phil & Jim's would not comment Thursday on a report that the long-established TV and appliance store chain is considering bankruptcy.

The report "has no validity, and beyond that I have no comment," said Phil Delgado Jr., Phil & Jim's president.

Delgado, who in 1992 succeeded his father, Phil Delgado Sr., as president, also would not comment on whether the company has been hurt by the persistent Southern California economic slump, which has forced a number of local retailers into bankruptcy.

An employee at one of the chain's 11 Orange County stores, however, said that a bankruptcy filing is possible. And an employee at another store said the company is seeking to restructure its debt with assistance from Maytag Corp., Whirlpool and General Electric, three of the chain's major creditors.

A third store employee said that the company has temporarily stopped selling warranties on products because of a cash-flow problem.

Delgado would not comment on the warranty issue or confirm whether the company is working with creditors to restructure debt.

Phil & Jim's, based in Anaheim, was founded 39 years ago. It has about 200 employees--half as many as in the late 1980s.

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