Centennial Beverage Group (CBG), a North Texas-based merchant of spirits, beer and wine, has sought an approval from US Bankruptcy court to sell 13 liquor stores to Cheers Sprits & Liquors of Pilot Point.

The decision to sell the stores, which is yet to be finalized by judge, came after the company filed for Chapter 11 bankruptcy reorganization on 17 December 2012 due to increased competition.

Cheers will take over all of CBG’s 13 stores including the two stores which CBG owns jointly with JWV Associates, reported star-telegram.com.

According to the court filings, Centennial had signed a letter of intent with Cheers Spirits on 14 December 2012 to sell 13 stores for $650,000, where each store was to be sold for $50,000.

The court filings also said that the sale of stores completely depends on Texas Alcoholic Beverage Commission granting license to Cheers Spirits & Liquors to run the stores, until then it can only start making lease payments on the stores.

Out of the 13 Centennial liquor stores that are being sold to Cheers, two stores are located in Fort Worth at Alta Mere Drive and Camp Bowie Boulevard, three stores in Dallas at Greenville Avenue, Marsh Lane and Walton Walker Road and the remaining seven stores are located in Hudson Oaks, Trophy Club and Azle, Addison, The Colony, Highland Village, Weatherford and Granbury locations.