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Hacketts' bankruptcy no surprise

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An iconic North Country retailer has filed for bankruptcy. Hacketts stores filed a petition for Chapter 11 bankruptcy yesterday. President and COO Herbert Becker said in a press release the move will allow the company to "assure its financial viability while repaying creditors". He said Hacketts intends to keep its existing stores in Ogdensburg, Massena, Tupper Lake, and Sackets Harbor open.

Hacketts was founded in Ogdensburg in the mid-1800s. At its peak two years ago, Hacketts had expanded to nine stores as far-flung as Pulaski and Hamilton. But that growth hid massive debt in Hacketts' parent company, Seaway Valley Capital Corporation, owned by Thomas Scozzafava, brother of Assemblywoman Dede Scozzafava. Martha Foley talks with David Sommerstein, who has reported extensively on Seaway Valley and Hacketts, about what the bankruptcy means.

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