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Leases for 31 store locations auctioned
CENTRAL ISLIP, N.Y. - On March 30, an auction was scheduled to be held to sell off the leases of buildings occupied by Pergament Home Centers' 31 stores.
Earlier last month, a bankruptcy court judge here approved the release of $5 million in financing - supplied by Alco Funding, which already held the chain's long-term debt - that could be used by the chain to wind down its operations towards inevitable closing and paying back rent to landlords. (The chain was forced into Chapter 11 on Feb. 22, partly by landlords who had petitioned the court because...