Bankruptcy

Goody's, Already Liquidating, Files Chapter 11 Again

By Scott Riddle

Discount Clothing Retailer Goody's Family Clothing decided last week to liquidate and close its remaining stores, after emerging from Chapter 11 only a few months earlier.  Now it has filed Chapter 11 again.

From Reuters -

Goody's LLC, a privately held family apparel retailer that emerged from bankruptcy in October, has filed for Chapter 11 protection again, and said it plans to liquidate its remaining 282 stores.

A "significant downturn in the national economy caused severe and unexpected financial pressures," and led to "unexpectedly poor" sales in the holiday season, Goody's said in a Tuesday filing with the U.S. bankruptcy court in Wilmington, Delaware. ... Several retailers have filed for bankruptcy protection in recent months, including Boscov's Inc, Circuit City Stores Inc and KB Toys Inc.The case is In re Goody's LLC, 09-10124, U.S. Bankruptcy Court, District of Delaware (Wilmington).

Full post as published by Georgia Bankruptcy Blog on January 14, 2009 (boomark / email).