Hacketts files for bankruptcy

North Country retailer Hacketts will enter bankruptcy protection in an attempt to restructure its debt.

This move comes after a year of financial struggles and public offerings that raised pointed questions over management of the company. Listen to David Sommerstein’s special report on Hacketts here.

The Watertown Daily Times reports that Hacketts’ debt led to a court ruling that recently froze the company’s bank account. Quoting the article by Nancy Madsen:

“We’ve been reorganizing by dealing with our creditors on an individual basis,” Hacketts Chief Executive Officer Thomas W. Scozzafava said. “It’s been a constant whack-a-mole situation, if you will, which makes us unable to run the company. Bankruptcy protection will allow us to do it in a more organized fashion, albeit more expensive.”

We’ll have more on this story this afternoon on All Before Five.

Tags: economy