Centennial Beverage Group, the Dallas-based liquor retailer, has closed an unspecified number of stores and begun an "inventory liquidation" but says it is not shutting down.
In a statement late Friday, the company's CEO said Centennial "has been strategically restructuring in recent months but is not shutting down operations." It also acknowledged that it owes money to suppliers but said it is working to resolve the bills.The company did not return a telephone call Monday seeking more information.In its news release, Centennial CEO Greg Wonsmos, said: "Recent rumors that Centennial Beverage Group is shutting down are incorrect. However, we have closed locations that do not fit within our strategic plan for 2013 and beyond."Centennial is grateful for all our loyal customers and we look forward to continue serving them at a number of locations going forward, including stores operating under the Centennial, Majestic and Big Daddy's brands."Centennial was the subject of reports in November that it was closing some stores. At that time, the company also had a string of unpaid bills to distributors, according to a state regulatory agency.As of Monday, dozens of the Centennial, Majestic, Big Daddy's and Arlington Bottle Shop locations were still on the Texas Alcoholic Beverage Commission's list of outlets with delinquent payments to distributors.Wonsmos, however, said in his statement that the company has "a plan to pay our delinquent accounts payable to our alcohol beverage distributors. We will be meeting with them in the next week to discuss that plan. We are current with all other vendors," as well as meeting all due tax payments and rents, he stated.The DFW liquor market has become more competitive with the entry of new retailers this year.Total Wine & More has opened big stores in Fort Worth and Dallas. Dallas-based Goody Goody Liquors has added three Tarrant County stores, and Houston-based Spec's Wine and Spirits jumped into the market.In February, Centennial closed seven DFW stores, a year after buying former competitor Majestic out of bankruptcy. At that time, the company still operated 63 stores in DFW.Jim Fuquay,(817) 390-7552Twitter: @jimfuquayHave more to add? News tip? Tell us
