Uni-Mart’s six-year bankruptcy case was closed Dec. 31.
The company, which built its first store in State College in 1972, filed for Chapter 11 bankruptcy in May 2008.
The closed case allows Uni-Mart’s liquidation trust to distribute funds to its creditors, which the company owes $18.3 million. The company owed $28.5 million to its top 30 creditors when it filed for bankruptcy.
The trust owes PNC Bank $750,000, Sovereign Bank $22,734 and Penelec $23,550. The trust also owes Penn State outside counsel Saul Ewing, a law firm based in Philadelphia, $1.19 million. For full disclosure, the Centre Daily Times is is owed $5,480.
The trust may donate funds to charity if it is unable to obtain necessary tax information for beneficiaries, a beneficiary fails to cash its distribution check or if the trust has leftover funds.
The company had about 280 stores in 2008 and closed about 50. Chapter 11 bankruptcy allowed Uni-Mart to sell its remaining convenience stores.
“The overall condition of the economy, aggressive competition in the areas in which we operate, increased fuel and other inventory prices, and other matters outside our control have reduced the company’s cash reserves which prevented us from executing our business plans and tightened our operating margins,” Uni-Mart founder and CEO Henry Sahakian said in 2008.