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Goody's, the low-priced apparel chain that operates 282 stores in the Southeast, will be liquidating its entire operation. The company has 10,000 employees.Goody's had no choice but to liquidate after it couldn't work out a restructuring plan with its creditors. The company has been operating under bankruptcy protection since June.
Goody's is now seeking bids to liquidate its inventory and other assets, and will likely be holding going out of business sales very soon.
The company also earns the distinction of being the first major liquidation announcement of 2009. Regardless of how quickly a recovery comes, there will likely be many more like it over the next few months. The winners of all these specialty discount retailers bankruptcies are stores like Wal-Mart (NYSE: WMT) and Target (NYSE: TGT). Goody's was probably a pretty feeble competitor even in its prime but the big box stores now have less competition than ever in the affordable clothing department.
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Reader Comments (Page 1 of 1)
1-07-2009 @ 1:48PM
vanmanlocal110 said...
Another one bites the dust. We don't need another retailer,subdivision, shopping center, or car company. We need to work all this excess out of the system.
1-14-2009 @ 8:44PM
takenbysteveandbarrys said...
Count me and my family among those taken to the cleaners by S&B. Cleaned us out I am embarassed to say. Left holding the bag, and the liens. Need some justice. Need the truth and the valuable info from the inside. Trying to hold them accountable but I am alone fighting Goliath. Will you help? Will anyone help? We can even discuss a cash reward for info that leads to me recovering what they tricked me out of. If you want someone to hold them accountable look no further. I am on it but I need help. Contact me directly @ takenbysteveandbarrys@yahoo.com.