LITTLE SILVER - The owner of the now-closed Sickles Market has filed for bankruptcy protection, the latest development in the demise of a Monmouth County family business that started 116 years ago as a farm stand.
Bob Sickles Jr. of Rumson filed for bankruptcy protection on May 9 and listed $10.9 million in assets and $7.5 million in liabilities, court papers state. That same day, AHS Realty LLC, which owns the Sickles Market property at 1 Harrison Avenue, submitted a separate bankruptcy application. Sickles is the sole owner of AHS Realty and its debts and assets are included in his petition too.
Both petitions are under Chapter 11 of the bankruptcy code, which aims for reorganization, not liquidation. Sickles could not be reached for comment on Tuesday. The bankruptcy filings were first reported by Red Bank Green.
A copy of the AHS bankruptcy filing can be seen at the bottom of this story.
'A unique light dimmed':Restaurateur Daniel Murphy dies, left remarkable Red Bank legacy
Last month, another Sickles company, Bottles by Sickles in Red Bank, filed for bankruptcy protection after its landlord began eviction proceedings.
Sickles Market, started on land first farmed by Bob Sickles' grandfather, Harold Sickles, more than 100 years ago, imploded after it abruptly closed its Red Bank market in February. A month later, Sickles Market in Little Silver, founded in 1908, closed for good too. Between January and March, 117 employees were laid off.
In an interview following the closure of the Little Silver store, Sickles blamed the poor performance of Sickles Market's 2020 expansion into Red Bank's West Side, the COVID lockdown and its aftermath for the company's troubles. The Red Bank store "wasn't good for us," he said.
According to Sickles' personal filing, his largest unsecured creditor is the state of New Jersey, owing $766,784 in business sales and use tax. Other top unsecured creditors include companies to which he personally backed business debt, including Core Funding Source LLC of Beverly Hills, California, $159,893; Eminent Funding LLC of New York City, $134,991; US Foods Inc. of Rosemont Illinois, $116,302 and Performance Food Group Inc. of Elizabeth, $100,490, court papers state.
Red Bank news:Basie Center Cinemas in Red Bank serving alcohol at the movies
In its filing, AHS Realty said Northfield Bank of Rahway has a $4.4 million claim against 1 Harrison Street, the Sickles Market property, which is valued at $10 million.
The land was first acquired from the family of Harold Sickles's mother, the Parkers, who bought the land in 1663 in a land grant from the king of England, according to Sickles Market's website.
Since it closed, Sickles Market's legal troubles have worsened, as the stores' suppliers have filed lawsuits against the company and Sickles Jr. for over tens of thousands of dollars in unpaid bills.
David P. Willis, an award-winning business writer, has covered business, retail, real estate and consumer news at the Asbury Park Press for more than 25 years. He writes APP.com's What's Going There column and can be reached at dwillis@gannettnj.com. Please sign up for his weekly newsletter and join his What's Going There page on Facebook for updates.
Most Popular
Comments / 0