Centennial Liquors Selling 13 Stores
Centennial Beverage Group LLC, a 75-year old company, has scheduled a hearing on Jan. 4 to obtain authority from the Court to sell 13 of its once 70 locations to Cheers Spirits & Liquors LLC. for $650,000, including 8 closed locations. Sales for the year ended in November were $158 million.Gross revenue was down 50 percent year-over-year, according to a court filing. Prepetition liabilities included a $17.4 million secured revolving credit loan held by Compass Bank, $20.5 million in unsecured debt. In re Centennial Beverage Group LLC, 12-37901, U.S. Bankruptcy Court, Northern District of Texas (Dallas).