The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-03-06
GREENHUT co..
T0LIQUIDATE
Process to Begin Immediate
ly-GOvernment May
Buy Building.
ALL CLAIMS TO BE PAID
Substantial Surplus to Be
Divided Among Stock
holders.
ALL CLAIMS TO BE PAID

Greenhut Company. Inc. successor 10
several department store concerns which
previously occupied the sixth avenue
me at the fountain is going out OF
business The process Of liquidation will
begin at once. according to an announce
ment from company officers yesterday.
Benjamin Hiilman. formerly general
manager Of the ]. d. Greenhvt Company
Is understood to have agreed to super.
wise the liquidation. which is expected to
be completed by July. 1t was also an.
in full and that there will be surplu,
for stockholders.
Announcement Of the liquidation wa
not entirely unexpected in the trade. IN
view OF the understa nding that the COM
pany's surplus was not increased as the
result OF last years operations. Al.
though the company's financial statemen,
for the year ended December 81. 1917
has not yet been made public. II is said
the sales totalled about 81. 100000 and
that the surplus was reduced from
@36S. 900 to S270.0O0.
Stock in Greenhut Company. Inc. to
the amount OF about 3ls0.00O is held by
merchandise creditors of the old J. b
Greenhut Company. The building or
Sixth avenue between Eighteenth and
Nineteenth streets is owned by the Big
Store Realty Corporation. = 100000
company Of which J. b. Greenhut II
president. This realty corporation rep
resents the bondholders and has been
receiving = per cent. of.the gross sales
Of the department store business in lieu
OF rent. pursuant TO An agreement made
when the affairs OF the old ]. b. Green
hut Company were reorganised.
In view OF the showing Of the business
for the last year and the disino lima ton
Of J. Il. Greenhut. who is Is years Of age
to reorganize the concern and move It to
q more advantageous locality. ths board
Of directors decided to wind up tho at
fairs OF the company.
Benedict J. 0reenhut president Of
Greenhut Company. Inc. issued the fol-
lowing statement announcing the liqui-
dation:
1T has been determined to discontinue
the business OF Greenhut Company. Inc In
arriving at this decision. the board of
directors has been Influenced by con-
siderations based on special conditions
AFFECTING this business and also upon
business conditions generally
"1n connection with the d,scontinuance
o. the business, the entire stock Of mer-
chandise will be disposed Of at retail as
speedily as possible. Preparations are
now being made for series OF special
sales Full details Of such liquidation
sales will hereafter be given in daily
newspaper advertisements.
"All creditors will be promptly paid
In full. and all obligations Of the com.
pany OF every kind will be met There
Will be substantial surplus remaining
on hand for distribution among stock
holders Of the company"
1t has been reported that the build
Ing Is involved In negotiations for its
sale to the United States Government
which is known to need more space In
New York. There have been reports
current in the trade from time to time
that the Government was negotiating
for the purchase OF the property for
use as quartermasters depot.