Honk's $1.00 filed for Chapter 11 bankruptcy in January 2013, with $4.2 million in debt and $1.7 million in assets. That type of bankruptcy filing was intented to protect Honk's from creditors while it got its fiscal house in order.
By March of this year, the chain that Darrell Cox and wife Sharolyn started in 1989 had downsized to six stores and about 40 employees. It had closed three stores in Idaho, four in Utah and one in Oregon and moved or temporarily closed two local stores.
"It's a tough go," Cox told the Statesman then. But Honk's was hanging on.
Three months ago, Honk's gave up. The company told federal bankruptcy judge Terry L. Myers that it hadn't been able to rebuild its business and follow through with the original bankruptcy plan.
In addition to shutting down its remaining five stores in Boise; Caldwell; Nampa; Elko, Nev.; and Provo, Utah, Honk's also laid off its employees and handed over its equipment and store inventory to its lender, Bank of the Cascades, according to court filings.
Cox said in March that it was difficult to keep prices at $1 with inflation and rising fuel costs.
"It was great for 10 years and just gradually started to decline for us," he said.
An attorney for Honk's said in July that Honk's management had not responded to requests for comment.
Audrey Dutton: 377-6448, Twitter: @IDS_Audrey