Otasco Closes Last 62 Stores: The 62...

Otasco Closes Last 62 Stores: The 62 remaining stores in the Otasco auto parts and appliances chain, once nearly 10 times that size, have been closed after no buyer emerged for the company. “We’ve basically chosen the only course of action we can take--eliminate the stores,” said Timothy F. Finley, Otasco chief executive. The 70-year-old chain, which once boasted nearly 600 stores, nationwide, shut its doors for the last time at the close of business Saturday. Finley, who was hired in January to help salvage the company, said Otasco owes $40 million to secured creditors and $44 million to trade creditors.