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APSCO Appliance Seeks Buyer, Retains Heritage Equity Partners

December 15, 2014, 07:21 AM
Filed Under: Retail

APSCO Appliance & TV Centers, Inc., has filed for Chapter 11 protection and retained Heritage Equity Partners to seek a buyer, partner, or investor for its family owned and operated chain of appliance stores in Pinellas County.  Started in 1972 as an appliance service company, APSCO maintains its own factory trained and authorized parts and service department at its 2905 East Bay Drive location and has three showrooms, in Largo, Clearwater, and St. Petersburg, carrying a wide variety of appliances from brands such as GE and Whirlpool. 

Operations will be consolidated into the Largo showroom at 4520 East Bay Drive during HEP’s process, however the service center will remain open and technicians will continue to take and complete repair requests.

General Manager, Laura Greco commented, “We have retained Heritage Equity Partners to assist us with reducing our debt so that the go forward company will be properly capitalized and can be successful in today’s market. We are considering a number of options including selling some of the company owned real estate. We look forward to quickly exiting bankruptcy and continuing the tradition my father started over 40 years ago of providing expert, in-house, service to our customers.”

In addition to the three showrooms and service center, APSCO also owns over 20,000 square feet of warehouse space in Largo and an undeveloped parcel next to the showroom in Largo.

Matt LoCascio, a Managing Director at HEP, stated “In an effort to recapitalize the business, ownership is exploring options to reduce the current debt structure and perhaps consolidate showrooms and maintain the service center. We believe there is a loyal customer base intact and the APSCO name is still held in high regard making this a viable business going forward.”

Heritage Equity Partners, formerly “Equity Partners”, based in Easton, MD provides investment banking services and has completed in excess of 400 engagements throughout the United States since 1988.

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