Tibaldeo Files for Chapter 11
Victor Tibaldeo, founder of Miami’s iconic Victor Pianos & Organs, , has filed a personal Chapter 11 bankruptcy as he tries to reorganize his company.
The store properties fell into foreclosure by Bank of America during the recession, as annual sales declined from $650,000 a year to $47,796 in fiscal year 2008, according to documents filed with the court.
Tibaldeo put his company into bankruptcy last spring, declaring $7.27 million in assets and $2.64 million in liabilities. Most of the assets were property at the store’s location, 300 N.W. 54th St. He filed for personal bankruptcy Nov. 21, declaring debt and assets ranging from $1 million to $10 million.
Tibaldeo’s attorney, Joel Aresty, said the 50-year-old family business intends to surrender some assets and inventory, emerge from bankruptcy and focus more on Internet sales.
In September 2008, MMR profiled Victor and discussed his then-intention to sell Victor Pianos & Organs…