Five liquor stores in Tarrant County would be sold by Centennial Beverage Group to Cheers Spirits & Liquors of Pilot Point as part of a deal submitted for approval in U.S. Bankruptcy Court.
A judge in Dallas is scheduled to consider the sale Friday.The stores, including two in Fort Worth, would be among 13 Centennial liquor stores being sold to Cheers. The Fort Worth stores are on Alta Mere Drive and Camp Bowie Boulevard. Other area locations are in Hudson Oaks, Trophy Club and Azle, according to court filings. The list also includes stores in Addison, The Colony, Highland Village, Weatherford and Granbury and three in Dallas, on Greenville Avenue, Marsh Lane and Walton Walker Road.The sale is contingent on the Texas Alcoholic Beverage Commission issuing licenses to Cheers to operate the stores, the filing said. Cheers would begin making lease payments in January on the stores, but Centennial would continue to operate them until the licenses are issued, court filings say.Peter Woody, owner of Cheers Spirits & Liquors, could not be reached Monday for comment.Centennial filed for Chapter 11 bankruptcy reorganization Dec. 17, saying its profits were declining in the face of increased competition from "big box" liquor sellers, groceries and other retailers.Centennial entered into a letter of intent Dec. 14 with Cheers Spirits to sell the stores for $50,000 each, totaling $650,000, court records say.Cheers will take over 11 leases and will lease two stores from JWV Associates, which owns them in partnership with Centennial, court filings say.Dallas-based Centennial expanded in 2011 by acquiring the Fort Worth-based Majestic Liquor Store chain out of bankruptcy but scaled back last year from as many as 70 stores to 23 Centennials, Majestics and Big Daddy's. It owes millions to creditors.Cheers has stores in Aubrey, The Colony and Roanoke.Sandra Baker, 817-390-7727Twitter: @SandraBakerFWSTHave more to add? News tip? Tell us
