March 2, 1992 |
Pic 'N' Pay Stores Inc., a Southeast shoe chain, has agreed to pay $27.2 million for bankrupt Shoe City. A bankruptcy court Friday awarded the acquisition to Pic 'N' Pay over Shoe City founder Albert Capp after the offer won the backing of a creditors committee and Shoe City's largest creditor, the Bank of New York. Under the Pic 'N' Pay offer, unsecured creditors of Montgomery-based Shoe City are to receive about 90 cents on the dollar. Shoe City has 325 stores in 11 Southeastern states.