VICTORY CEO DETAILS PATH TO CHAPTER 11

UTICA, N.Y. -- Failure to meet a mid-September bond debt payment ultimately led Victory Markets and New Almacs into bankruptcy protection, Clark Ogle, Victory's president and chief executive officer, told SN last week.According to Ogle, the missed Sept. 15 debt payment triggered a nervous reaction among vendors, which in turn prompted the two chains to file Chapter 11 to protect their assets and customers.Ogle

UTICA, N.Y. -- Failure to meet a mid-September bond debt payment ultimately led Victory Markets and New Almacs into bankruptcy protection, Clark Ogle, Victory's president and chief executive officer, told SN last week.

According to Ogle, the missed Sept. 15 debt payment triggered a nervous reaction among vendors, which in turn prompted the two chains to file Chapter 11 to protect their assets and customers.

Ogle said the core group of stores is "very profitable on the operatin

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