Stock+Field files Chapter 11 bankruptcy with plans to close 25 stores

By Sarah Lizee

Olympia, Wash., Jan. 11 – Tea Olive I, LLC, which does business as Stock+Field, filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Minnesota on Sunday with plans to close all 25 of its stores.

The company started the store-closing process last week and expects it to conclude by the end of March, according to court documents.

Stock+Field is seeking court approval to use the cash collateral of its prepetition lenders and administrative agent Second Avenue Capital Partners, LLC. As of Sunday, the total outstanding amount owned under the credit agreement was $29.72 million.

The company said it needs access to cash collateral to continue the store closing sales in order to maximize the value of its assets for the benefit of the estate and its stakeholders.

Stock+Field is requesting interim authorization to use the cash collateral through Feb. 6 and final authorization to use cash collateral through May 29.

A hearing on the cash collateral motion is scheduled for Wednesday.

Debt details

The company listed $50 million to $100 million in both assets and liabilities.

Stock+Field’s largest unsecured creditor is Worldwide Distributors, based in Seattle, with a $2,351,125.12 goods and/or services claim. No other creditors were listed with unsecured claims of $1 million or more.

Stock+Field is a premier farm, home and outdoor retailer operating 25 stores across Illinois, Indiana, Ohio, Michigan, and Wisconsin. The company filed Chapter 11 bankruptcy under case number 21-30037.

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