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PORTLAND, Maine -- The Bath, Maine-based M.W. Sewall & Co., operator of 15 Clipper Mart convenience stores and car washes along southern Maine's Route 1 corridor, filed for Chapter 11 bankruptcy last week, according to an Associated Press report.
In its petition, Family-owned M.W. Sewall & Co. said it's reorganizing operations and does not plan to close any stores, the report stated. The company employs approximately 150 people and also sells heating oil and modular homes.
Weak business at the company's modular housing division, Landmark Homes, and last summer's run up in oil prices led to the filing, according to the company's attorney, George Marcus. "This should be invisible to the customer," he told news Web site Mainebiz.biz.
Published reports state the company lists Citgo Petroleum as its largest unsecured creditor, with roughly $1.2 million. Its assets and liabilities are listed between $10 million and $50 million, according to the petition filed Friday and cited by Mainebiz. The second-largest unsecured creditor is Pine State Trading Co. of Augusta, with a $282,000 claim.
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