Sickles Market Owner Files for Bankruptcy Protection

Bob Sickles Jr., owner of Sickles Market, has filed for bankruptcy protection with $11 million in assets and $7.5 million in liabilities, following the abrupt shutdown of his Red Bank and Little Silver, NJ, locations, citing significant financial challenges including unpaid sales taxes and secured creditor claims. The bankruptcy filings, which include his associated entities AHS Realty LLC and TST Beverages, raise concerns about the impact on local communities and employment, and highlight the importance of proper financial management and tax compliance." This description focuses on the primary topic of Bob Sickles Jr.'s bankruptcy filing, the main entities involved (Sickles Market, AHS Realty LLC, and TST Beverages), the context of the Red Bank and Little Silver locations, and the significant actions and consequences of the bankruptcy filing. The description also provides objective and relevant details that will help an AI generate an accurate visual representation of the article's content, such as the financial figures and the impact on local communities.

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Sickles Market Owner Files for Bankruptcy Protection

Sickles Market Owner Files for Bankruptcy Protection

Bob Sickles Jr., the owner of Sickles Market, has filed for bankruptcy protection with $11 million in assets and $7.5 million in liabilities. The filing comes after the abrupt shutdown of his Red Bank and Little Silver, NJ, locations.

Why this matters: The bankruptcy filing highlights the struggles faced by small businesses, particularly in the retail sector, and raises concerns about the impact on local communities and employment. It also underscores the importance of proper financial management and tax compliance to avoid such crises.

Sickles Market's owner, AHS Realty LLC, also filed for bankruptcy, claiming holdings worth $10.4 million and secured creditor claims of $4.4 million. AHS Realty has no cash, investments, or inventory, and the Little Silver property is assessed at $2.84 million with an estimated value of $10 million.

Bob Sickles Jr.'s personal filing reports an unsecured claim of $767,000 in unpaid sales taxes to the state of New Jersey, as well as business debts he personally guaranteed. Sickles has not collected a salary from the business in at least two years.

Both AHS Realty and Sickles filed under Chapter 11 of the bankruptcy law, seeking reorganization of their debts rather than liquidation. This follows a similar action by another Sickles entity, TST Beverages, which owned the now-shuttered Bottles by Sickles liquor store in Red Bank.

The Sickles family has agricultural roots tracing back to the mid-1600s. Sickles Market in Red Bank abruptly shut down on February 15, followed by the Little Silver location on March 11. Bottles by Sickles liquor store in Red Bank, which opened in August 2020 along with a grab-and-go Sickles Market food store, was evicted from the Anderson Building in April. TST Beverages filed for Chapter 11 bankruptcy on April 23, with AHS Realty LLC and Bob Sickles Jr. following suit last Thursday.

The bankruptcy filings by Bob Sickles Jr. and his associated entities reveal significant financial challenges, including substantial unpaid sales taxes and secured creditor claims. The abrupt closures of the Sickles Market locations and the Bottles by Sickles liquor store have left the future of these long-standing family businesses uncertain as they navigate the Chapter 11 bankruptcy process.

Key Takeaways

  • Bob Sickles Jr. files for bankruptcy with $11M in assets and $7.5M in liabilities.
  • Sickles Market's owner, AHS Realty LLC, also files for bankruptcy with $10.4M in holdings.
  • Bob Sickles Jr. owes $767,000 in unpaid sales taxes to New Jersey.
  • Both entities file for Chapter 11 bankruptcy, seeking debt reorganization.
  • Sickles Market locations in Red Bank and Little Silver, NJ, abruptly shut down.