Posted 12/7/2012 09:08 am
Updated 5 months ago
Helena Gadison, a former Wal-Mart Stores Inc. executive and spa owner, has filed for Chapter 7 bankruptcy.
Her petition, filed Nov. 21 in Fayetteville, states her debts totaling $402,396 are mainly business-related. EMW Enterprises Inc., under which she ran East Meets West Spa and Salon, is listed as a co-debtor.
The Springdale resident owes $172,355 to the Bank of Fayetteville, and $171,445 to law firm Mitchell Williams as a collector for the Bank of Fayetteville, the petition shows. The debt to BOF stems from a $300,000 loan Gadison and her former husband, Tony Gadison, took out in September 2006. He filed for bankruptcy under Chapter 7 in March.
BOF filed a foreclosure suit June 5 in Washington County Circuit Court against Helena Gadison and EMW, seeking the return of spa furnishings and equipment put up as collateral on the loan. On Oct. 29, circuit judge Kim Smith found the defendants to be in default and ordered the property returned to the bank and sold, with the proceeds to be applied to the judgment.
Gadison’s bankruptcy filing puts an automatic stay on enforcement of the judgment.
Gadison worked for Wal-Mart about 16 years, including as vice president of apparel for Walmart International. She left in 2006 to start the spa and salon in Fayetteville.
She sold the business in July 2011 to Dr. Missy Clifton of Premier Dermatology & Skin Renewal in Bentonville, and stayed on for six months to help establish East Meets West @ Premier.
Gadison now works for N.c.K. Talent Management Inc. in Fayetteville.