‘Extreme Value’ Retailer Channel Control in Bankruptcy (Correct)

Channel Control Merchants, which operates discount chains and buys merchandise from retailers and producers, has become the latest US retailer to file for bankruptcy.

The owner of Dirt Cheap and Treasure Hunt sought Chapter 11 protection in Delaware, listing estimated liabilities and assets of $100 million to $500 million each in court papers filed Thursday.

The Mississippi-headquartered company, which sells secondary retail goods to consumers and processes customer returns for traditional retailers, has 68 facilities and distribution centers to operate its own retail stores, according to separate court papers.

The retailer’s downfall partly resulted from a soured cooperation ...