In 1985 WAGA-TV, along with the other Storer stations were sold into a group deal to Kohlberg Kravis Roberts & Co., a New York-based private equity firm. Two years later in 1987, KKR sold the Storer stations to Gillett Communications. After bankruptcy, Gillett restructured in 1991, selling several stations and changing its name to SCI Television Inc. On June 26, 1991, Gillett Holdings filed for Chapter 11 bankruptcy protection after it failed to reach an agreement with the company's creditors before a court-imposed June 25 deadline. SCI Television also missed repayment of $162 million in bank loans before a June 30 deadline; as a consequence of its financial difficulties, Gillett/SCI decided to sell its broadcast holdings.