TEMPE, Ariz.—Castle Megastore, a leading adult retail chain with locations throughout five states, announced today it has emerged from bankruptcy.
Mark A. Franks will take ownership and continue to fulfill the positions of president and chief executive officer. The company officially exited its Chapter 11 reorganization after meeting all closing conditions to the company's plan of reorganization, which was confirmed by the U.S. Bankruptcy Court for the District of Arizona in an order entered on May 19, 2009.
In connection with closing the sale transaction, Castle Megastore Group Inc. will take ownership and operate Castle Megastore’s retail stores. The new Castle Megastore will continue to operate in its corporate office in Tempe, Ariz.
“Today marks a defining moment in the reinvention of Castle Megastore as a more customer-focused and leading adult retailer,” Franks said. “This has been a challenging period, but now is the opportunity to take Castle Megastore to the next level and create a more focused and flexible brand.
“We are dedicated to adhering to our core values of exceptional service, revolutionary promotions and great product selections to the benefit of our customers, employees, industry partners and stakeholders,” Franks continued. “This is an exciting opportunity to re-position the company for long-term success. The new Castle Megastore will execute the key elements of its plan along with additional initiatives to achieve winning results. Concentrating on adding to the company’s retail locations and continuing to expand the brand are only the beginning of new plans on the horizon. The future is bright.”
Franks said the company launched a series of initiatives over the past few years to enhance the company`s operational performance and refine the merchandising and marketing strategies.
“Now we are poised to take on new avenues to strengthen our brand,” he said.
Future innovations rolling out will be Castle Megastore’s radio station and customer relationship management (CRM) technology. Castle Radio will include personal interviews with the top performers in the industry, and live feeds from its more than 100 store signings. Castle Radio will also feature special events like the signature Halloween Fashion Show and bridal shows.
Utilizing CRM software, Castle Megastore will be able to analyze customer trends and send customized email communication to help drive sales. Along with personalized emails, customers will be able to sign up for a loyalty card that will provide exclusive benefits and discounts to members.
Castle Megastore owns 16 stores operating in Alaska, Arizona, New Mexico, Oregon and Washington.
For more information, visit CastleMegastore.com.
