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Thursday, January 08, 2009 10:22 AM Goody's plans to close all of its stores By Rochelle Moore | Times Staff Writer As Wilson's retail market is on the upswing, one long-standing clothing retailer will soon close its doors. The Goody's Family Clothing chain of 287 stores, including one in Wilson, will close, and the company will start liquidating its assets starting Friday. In Wilson, store manager Karen Cutler said she could not discuss whether any close-out sales or a closing date was pending. A corporate spokesman, in Knoxville, Tenn., also declined to discuss any company details. But several Wilson customers already knew about the company's plans to close its stores Wednesday afternoon. "Due to things that are happening, a lot of closings and things going out of business, it wasn't a surprise," said Evonne Cameron, who visited the Wilson store after hearing about the store closings. Cameron said she usually does not shop at Goody's but visited the store thinking she may find a bargain. "I knew they were having a lot of sales, and I thought I might get a lot of deals," she said. Some Goody's items are already marked down as much as 60 percent, along with other after-Christmas sales. No signs mention any store closing and no close-out sales are posted. The store had plenty of shoppers after lunch Wednesday, including some who were surprised to learn that the store is planning to close. "I'm a little shocked," said Dorothy Brunson, a regular Goody's shopper. "I like buying my clothes here. I can find a lot of things here, and the prices are good. You can come and find a bargain, and the clothes here are good quality. It's sad because I'm going to miss it." The move to liquidate Goody's stores comes less than four months after the privately held retailer emerged from Chapter 11 bankruptcy protection. The closings affect all of the chain's stores, which are scattered throughout 20 Midwestern and Southern states, said Cathy Hershcopf, a partner at Cooley Godward Kronish LLP. The firm is working with Goody's vendors and its parent, PGDYS Lending LLC. It's uncertain what will happen to the company's 9,800 workers after the liquidation is completed by the end of March. But without a last-minute buyer or an investor to purchase the high-performing stores, their job outlook is grim. "I think every retailer experienced a great deal of pressure this holiday season because of the lack of consumer confidence," Hershcopf said. "But undercapitalized companies like Goody's experienced more pressure from their lenders and from their vendors." Goody's filed for bankruptcy protection in June, saying at the time that the move would help it address "pressures from tightening credit markets, strain on merchandise flow and a sizable but isolated number of underperforming stores in the chain." As part of its reorganization plan, the company closed and liquidated dozens of underperforming stores, shuttered a distribution center in Arkansas and a corporate office in New York. The Associated Press contributed to this report. rochelle@wilsontimes.com | 265-7818 |
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Hank said...
Upswing? Wilson's retail market is in a tailspin. Everybody knows it.
Tuesday, January 13, 2009 at 1:01 PM
TheHotCorner said...Upswing? Wilson's retail market is in a tailspin. Everybody knows it.
Tuesday, January 13, 2009 at 1:01 PM
These closings are more indicative of the financial problems of each individual company. Nationally, retail sales are certainly not in an upswing! Wilson is going to take alot of hits with closings because we're a small retail market. I'm sure, more bad news is coming! Wilson may however, be in a slight upswing overall, mainly because of new Raleigh Rd. businesses.
Friday, January 09, 2009 at 9:55 AM
Rochele why do you consider the Wilson Market in an upswing? With Goodys, Steve and Barrys and now rumors of Farm Fresh closing its doors, it sure doesn't seem like an upswing. Thank you for the article.
Friday, January 09, 2009 at 9:23 AM
I suppose that the paper knows this,or will soon enough. The rumor is that Farm Fresh may be closing.
Friday, January 09, 2009 at 8:37 AM
Our government should bail them out.Aren't they using our tax money to bail everybody else out?
Thursday, January 08, 2009 at 6:46 PM
