Byline: Associated Press
Convenience store chain Cumberland Farms Inc. filed for bankruptcy court protection from creditors Friday as efforts to restructure its debt fell apart.
Hurt by the recession and slumping real estate values, the privately held company had been trying for several months to work out a new arrangement with its lenders, said Foster Macrides, vice president for human relations.
But the restructuring fell through when the firm's biggest lender, Industrial Bank of Japan Trust Co., balked at the plan, Macrides said. Cumberland's 70 other real estate lenders and trade creditors had supported the restructuring plan, the company said. …
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