Iron Age asks court to convert or dismiss bankruptcy case

By Caroline Salls

Pittsburgh, Oct. 21 - Iron Age Corp. asked the U.S. Bankruptcy Court for the District of Massachusetts to convert its Chapter 11 bankruptcy case to Chapter 7, which is used for liquidation, or to dismiss its bankruptcy case, according to a Monday court filing.

"It is simply not practical to effectuate a plan of reorganization because the debtors have liquidated their assets and have no substantial funds or unencumbered assets to fund or administer in a plan of reorganization," Iron Age said in the motion.

"As such, there is no business to reorganize at all."

Iron Age said its assets have been fully administered or abandoned.

In addition, the company said it terminated all remaining employees and all employee benefit plans after it ceased operations in September 2007.

Iron Age, a Westborough, Mass., retailer and distributor of safety, work and uniform shoes for the industrial, service and government sectors, filed for bankruptcy on Jan. 22, 2007. Its Chapter 11 case number is 07-40217.

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