Otasco Inc. filed for bankruptcy reorganization and...

Otasco Inc. filed for bankruptcy reorganization and has closed 170 stores in 11 states, officials for the 70-year-old Tulsa, Okla.-based retail chain announced. Chairman and Chief Executive Jerry Goodman said the Chapter 11 bankruptcy petition was filed Sunday night in federal court in Tulsa. Company stores did not open Monday, and 1,600 employees were advised that they were being terminated. Otasco, which was purchased by its employees four years ago, had $187 million in assets and $163 million in liabilities.