WICHITA — Barrier's, which filed Chapter 11 bankruptcy Friday, is moving ahead with a liquidation sale starting Monday and will close after the sale ends in early January.
U.S. Bankruptcy Court Judge Dale Somers approved the sale during a hearing today.
"We're here today because of the unfortunate and untimely death of Jay Barrier," bankruptcy attorney Ed Nazar said during the hearing.
Barrier, grandson of Carl Barrier who founded the jewelry and gift shop in 1933, died following an accident one year ago this week.
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Nazar told the court that a lack of a succession plan coupled with a difficult economy and changing market conditions prompted the bankruptcy.
Barrier's has $938,788 in liabilities and $2,815,582 in assets.
The liquidation is expected to bring $2.5 million in sales, of which $1,182,972 is projected to be net profit.