Report: Building 19 Going Out of Business
The Hingham-based discount retailer filed for bankruptcy.
The retailer filed for Chapter 11 bankruptcy on Friday, according to the Boston Business Journal.
The chain has 10 stores and its headquarters is in Hingham adjacent to the Hingham Shipyards.
"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.
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