Centennial says it's restructuring, not liquidating
Centennial Beverage Group, the Dallas-based liquor retailer that last week closed a undisclosed number of stores and promoted an "inventory liquidation," issued a statement dated Friday that said it “has been strategically restructuring in recent months but is not shutting down operations." The company did not return telephone calls seeking more information Friday, but a company representative on Saturday morning left a message with the Star-Telegram saying Centennial had posted a statement on the website PRWeb.com.
In that release, Greg Wonsmos, CEO of Centennial Beverage Group, 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 had been the subject of reports in November that it was closing some stores and that it also had a string of unpaid bills to distributors. As of this morning, dozens of the stores 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. Wonsmos, however, said "rumors Centennial had not paid taxes and rent were false." In his statement, Wonsmos said "Centennial is current with all of its payments to taxing authorities and all of its landlords. We have 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.”
-- Jim Fuquay