Quality Farm & Family/Central Tractor Bankruptcy..

   / Quality Farm & Family/Central Tractor Bankruptcy.. #1  

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<pre>Quality Stores, Inc. Files Voluntary Chapter 11
Petition Under U.S. Bankruptcy Code
</pre>

MUSKEGON, MI - November 1, 2001 announced today that it has commenced voluntary reorganization proceedings under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of Michigan. The Company intends to continue to maintain its business and operations.
Quality Stores intends to focus its operations on a core group of 178 stores and two distribution centers focused on markets in the eastern U.S., historically its strong markets. The Company anticipates that its cash collateral and cash flow from operations moving into its strongest selling season will provide adequate liquidity. “Quality Stores has made considerable progress in reducing its costs and streamlining its operations. A voluntary Chapter 11 petition provides us a process and framework within which we can continue to address the significant issues facing the Company,” said Peter Fitzsimmons, Quality Stores’ Chief Executive Officer.
On October 20, 2001, Quality Stores announced that a group of three bondholders filed an involuntary bankruptcy petition demanding payment for certain debt obligations. The Company also previously announced its intent to close a total of 133 stores and two distribution centers. “We acknowledge the hard work and dedication of all of our employees and regret the impact our decision will have on those who have worked loyally in our western markets,” Said Bill Waack, the Company’s President and Chief Operating Officer.
Quality Stores, Inc., operating stores under the names of Quality Farm & Fleet, Quality Farm & Country, County Post, and Central Tractor Farm & Country, is a specialty retailer targeting the ranch, farm, and “ruralpolitan” customer.
Stores feature an assortment of over 25,000 products from more than 1,200 vendors. Product categories include Agriculture, Animal Health, Feeds, Pet, Truck & Trailer, Home Improvement, Hardware, Electrical, Plumbing, Lawn & Garden, Energy, and Clothing.
<pre>QUALITY STORES, INC. RESPONDS TO
INVOLUNTARY BANKRUPTCY FILING BY BONDHOLDERS
</pre>



MUSKEGON, MI - October 22, 2001 Quality Stores, Inc., today announced that an involuntary petition under the United States Bankruptcy Code was filed in the United States Bankruptcy Court for the Western District of Michigan in Grand Rapids. The involuntary petition was filed by a group of holders of the 10 5/8% senior notes on Saturday, October 20, 2001. Under laws relating to an involuntary bankruptcy filing, the Company is permitted to operate its business in the ordinary course, unless the Court orders otherwise.

The Company said that it is evaluating its options as it determines how to continue with the financial and business restructuring that has been ongoing for several months. The Company also continues to work with legal and financial advisors specifically engaged to assist it in its restructuring efforts.

As part of the business restructuring, the Company also has announced that it intends to close 133 stores. Most of the stores to be closed are located west of the Mississippi River. 178 stores will continue to operate as normal east of the Mississippi River. The Company intends to concentrate its efforts going forward on core markets in the Midwest and East. Stores will remain open in the following states: Michigan, Ohio, Indiana, New York, Pennsylvania, New Jersey, Delaware, Maryland, Vermont, Massachusetts, Virginia, West Virginia, and Kentucky.

The Company said that it intends to continue to pay employees’ pre-petition and post-petition wages, salaries, and benefits without interruption.

Quality Stores, Inc. is a specialty retailer of farm and agriculture-related merchandise with headquarters in Muskegon, MI.
__________~from the web~_______________

Discussion of Stores Closing
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   / Quality Farm & Family/Central Tractor Bankruptcy.. #2  
WHAT /w3tcompact/icons/shocked.gif
I just got Central Tractor Farm & Country new catalog about August first,and visit there store in Vermont and there was no talk,and we also pay a visit to Central Tractor in Lacoina,NH{only deals in tractors & attachments new and used} and there was no talk about trouble times.
Thanks for the info.

May you and yours have a safe wonderful holiday.

Thomas..NH /w3tcompact/icons/wink.gif
 
   / Quality Farm & Family/Central Tractor Bankruptcy..
  • Thread Starter
#3  
<font color=blue>...and there was no talk about trouble times...</font color=blue>

Hi Thomas,

Having my am cup of 8 o'clock myself.../w3tcompact/icons/smile.gif

I'm in the middle of 3 Quality Farm {formerly Central Tractor} stores... and the same thing... no word, or no warning. I only wished they had stayed Central Tractor...

This past year, again the stores have been like skeletons, with the shelves half full... my biggest fear is them going under and some basic supply/implement pricing will skyrocket from lack of chain competition... /w3tcompact/icons/frown.gif

You and your family have a wonderful holiday as well... My wife is Russian, and we're Russian Orthodox so we celebrate Christmas in January {someone has to buy at all those 50% off after Christmas clearance sales.../w3tcompact/icons/blush.gif}

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   / Quality Farm & Family/Central Tractor Bankruptcy.. #4  
John,
It may be a little late now, but where are the three stores? I have seen the ads, and flyers, but did not know there were any in the area. Thanks

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   / Quality Farm & Family/Central Tractor Bankruptcy..
  • Thread Starter
#5  
<font color=blue>...but where are the three stores?...</font color=blue>

Hi Paul,

Amsterdam, Cobleskill, and Pittsfield...

CT FARM & COUNTRY
610 NORTH STREET
PITTSFIELD, MA 01201
413.443.7242

CT FARM & COUNTRY
Rte 30N
AMSTERDAM, NY 12010
518.843.5200

CT FARM & COUNTRY
Rte 7
COBLESKILL, NY 12043
518.234.2711

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   / Quality Farm & Family/Central Tractor Bankruptcy.. #6  
Thanks John. Looks like theres one within 30min drive from bolth my land, and my house. Hope they hang around for a wile.

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   / Quality Farm & Family/Central Tractor Bankruptcy.. #7  
Morning John,
Temp here 33 and light rain plus freezing when it hits the ground./w3tcompact/icons/frown.gif
Setting here working on my fifth cup /w3tcompact/icons/crazy.gif and watching couple of deer feeding about 40 yards from the house. /w3tcompact/icons/smile.gif
Looks like an indoor day today,and I heard a voice saying something about vaccuming the basement../w3tcompact/icons/crazy.gif
Take care out there.

Thomas..NH /w3tcompact/icons/wink.gif
 
   / Quality Farm & Family/Central Tractor Bankruptcy.. #8  
My questions have been answered. /w3tcompact/icons/shocked.gif

We have two QFC stores in our area. The one in Martinsburg WV is usually well stocked and presentable. The one in Hagerstown is horrible. I could not figure out why. Now I know. I hope that they work out their problems because they are sorely needed.

Terry
 
   / Quality Farm & Family/Central Tractor Bankruptcy.. #9  
Hmm, Apparently the combining of the names didnt help. We had 3 quality farm and fleet's near us. They changed names to Quality farm and family last year. They never did recover after the name change. Store shelves became bare. They said they were chaning vendors, but it never improved. Guess Ill have to drive the extra mile to the Tractor Supply Company. Luckly there is also 3 TSC's near by as well.

Gary.
 
   / Quality Farm & Family/Central Tractor Bankruptcy.. #10  
My wife told me two or three weeks ago that Quality Farm and Fleet was in trouble. We have two stores near us (Warsaw and Columbia City). Both have seemed to be doing business as usual, so we had just dismissed the information as rumor. Thanks for the information.
Have a Merry Christmas!
Gene
 
 
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