Schwabe-May's principal owner hopes to stay in business eventhough the store has filed for bankruptcy.
The store at 221 Capitol St. sought Chapter 11 protection fromcreditors on Thursday in federal bankruptcy court in Charleston,claiming $1.1 million in liabilities and $217,482 in assets. Chapter11 refers to a part of the U.S. bankruptcy code dealing with businessreorganizations, as opposed to Chapter 7, which involves theliquidation of business operations.
"We're really confident we're going to be fine," said LynneSchwabe, the biggest shareholder in Schwabe-May of Charleston LLC,the store's owner. "We're committed to seeing this through."
Schwabe said the …
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