Famous Tate grabs Pinellas

In a bankruptcy sale, a longtime Pinellas County mainstay, Apsco Appliance & TV Centers Inc., sold its assets and property to long-time regional competitor Famous Tate of Florida.

A bankruptcy judge approved the $3 million sale of the company's warehouses and showrooms in Largo and Clearwater.

That should be just enough to at least cover the $2.1 million Apsco says it owed its 20 biggest creditors when it first sought Chapter 11 bankruptcy protection last November. That included more than $700,000 to GE Commercial Distribution Finance Co., as well as more than $100,000 in advertising costs to the Tampa Bay Times.

Apsco has operated in the Tampa Bay area for more than 40 years, and was the true definition of a family company -- Alfred Greco was the president, his daughter Laura oversaw all the day-to-day operations, and his wife, Myrna, did all the bookkeeping.

Apsco, however, says it's a victim of the 2008 economic downturn, problems that were exacerbated by changes in how its lenders accepted payments, the company says in its bankruptcy filings.

Before those changes, Apsco could pay financing companies as it sold inventory. But in recent years, those lenders switched to scheduled payments — due whether Apsco moved inventory or not.

Famous Tate has been in Tampa Bay for decades as well, and boasts on its website that it maintains more than $7 million in inventory at all times. It currently has nine locations, but has stayed out of Pinellas County in the past, that is until it bought out Apsco.

Correction
This story has been updated to reflect that the bankruptcy sale included assets of Apsco Appliance & TV Centers Inc., but not the company itself. Furthermore, the company's parts and service division remains open.