May, 1985: Plymouth, Mich.-based Highland Superstores, with 33stores, goes public. June, 1985: Highland enters the Chicago market, with plans to openfive stores by yearend. December, 1990: Highland hires an investment banking firm to help itdecide whether to merge, restructure or put the chain up for sale.The chain began losing money in 1989. April, 1991: Highland says it will leave the Minneapolis/St. Pauland upstate New York markets, closing 10 stores. June, 1991: Highland announces it will exit the Texas and NewEngland markets, closing 32 stores, so it can focus on its Midweststores, including 19 in the Chicago area. The chain said it istrying to restructure $79 million in debt, and may have to seekprotection under federal bankruptcy laws. September, 1991: Highland again hints that it may have to fileChapter 11 if it can't restructure $107 million in debt. Jan. 16, 1992: Highland lays off 500 employees in its stores andcorporate office, saying the change will cut annual expenses by $20million. Highland says it has no plans to close any of its 49stores. June 3: Highland announces its salespeople, now calledcustomer advisers, no longer will receive commission. The change isheralded in a big-budget ad campaign. June 12: Highland reports sales of $92.1 million and a loss of $3million for the quarter ended April 30. A year earlier, sales hadtotaled $170 million and the loss was $22.4 million before anaccounting change. Aug. 24: Highland files for Chapter 11 bankruptcy protection inMichigan, and announces it will shutter its 19 Chicago area stores.
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