Business & Tech
Report: Building 19 Going Out of Business
The discount retailer with a Norwood location filed for bankruptcy.
By Joseph Markman
Building #19, the Hingham-based retailer known for selling a large variety of items on the cheap, has filed for bankruptcy. The company runs a store in Norwood.
The retailer filed for Chapter 11 bankruptcy on Friday, according to the Boston Business Journal.
"The company, in documents filed with federal bankruptcy court in Boston, said that the rise of online shopping caused a dramatic decline in Building #19's sales. The loss of revenue, in turn, eroded Building #19's working capital. And without that money, the company had little flexibility to make the purchases of surplus and salvage goods that are crucial to its business model," the Journal reported.
See the complete BBJ article here.
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