ELIZABETHTOWN — A Kentucky-based business that supplies boots, uniforms and tactical gear to law enforcement and the military has filed for bankruptcy protection.
U.S. Cavalry Store Inc. President James Leonard said the company has been approached by ERMC Property Management about buying its assets out of Chapter 11 bankruptcy. Leonard told The News-Enterprise the bankruptcy filing is part of the purchasing process.
ERMC's interest in buying the company, he said, will protect the future viability of U.S. Cavalry and the jobs of its nearly 100 employees. ERMC plans to keep the company name and maintain its headquarters in Radcliff, he said.
In the filing, the company estimated its assets at less than $50,000 with liabilities between $1 million and $10 million. Between 200 and 999 creditors are owed money by U.S. Cavalry.
Sign Up and Save
Get six months of free digital access to the Lexington Herald-Leader
The company lists the Radcliff retail store as well as stores at Fort Knox and Fort Campbell; Fort Stewart and Columbus, Ga., near Fort Benning.
U.S. Cavalry listed a $1.87 million mortgage owed to Fifth Third Bank of Cincinnati on property in Radcliff, as well as mortgages of $372,044 and $302,999 owed to Fifth Third Bank of Cincinnati for property in Shepherdsville and Stearns.
Chapter 11 bankruptcy allows a business to reorganize its affairs while being protected from its creditors. U.S. Cavalry had not filed a reorganization plan as of Monday.