SAN DIEGO (FOX 5/KUSI) — About a month after an abrupt halt to business, luxury appliance retailer Pirch has now filed for Chapter 7 Bankruptcy.
Customers and employees say all locations spread out through San Diego, Orange County and Los Angeles were closed without warning.
“It’s rare to see an emergency Chapter 7 on a business,” Bankruptcy Attorney Ahren Tiller said.
Only preliminary paperwork was filed with U.S. Bankruptcy Court, so for now there is only somewhat of a summary or estimate of the financial situation at Pirch.
Pirch lists approximately 1,000 to 5,000 creditors, $10 to $50 million in assets, and $100 to $500 million in debts.
“Based upon the five pages of documents, it looks as though creditors are going to be paid much less than what they’re owed,” Tiller said.
Tiller says there’s more paperwork that needs to be filed in the coming weeks referred to as a “balance of …