Syosset-based Synergy Brands Inc. and two of its subsidiaries have filed for bankruptcy protection, the company has announced.
Synergy, a holding company, is a distributor of private-label groceries and health and beauty aids. Its wholly owned subsidiary PHS Group Inc., also in Syosset, and SYBR.com, based in New Jersey, have filed under Chapter 7 in U.S. Bankruptcy Court in Central Islip.
Another subsidiary, Quality Food Brands, based in Monroe, Mich., is not part of the bankruptcy procedure.
For the quarter ending Sept. 30, Synergy reported revenue of $21.6 million, down 17 percent from $26 million for the same quarter a year ago. But, citing strong growth in the Quality Food Brands line, earnings jumped to $713,580, up 79 percent from $397,914 a year ago.
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