Tue, 2009-05-26 14:19
S&K Famous Brands, which filed for bankruptcy in February, has now decided to close its remaining stores. Two weeks after filing, the firm moved to close about 30 stores. Now, three months later, it is shuttering the rest .
“In spite of our best efforts, the current economic climate left us with no choice but to close down the business. We'd like to thank all of our employees for their hard work and all of our loyal customers for their years of patronage,“ said Jonathan Tibus, Chief Restructuring Officer at S&K Menswear, in a prepared statement.
Bankruptcies and Liquidations :
Jan. 7, Goody's liquidates , closing 287 stores Jan. 8, Against All Odds files for bankruptcy protection , operates 64 stores overall, plans to close West Coast stores Jan. 13, Shane Co. files for bankruptcy , operates 23 stores Jan. 14, Gottschalks files for bankruptcy , operates 58 stores , Update: March 31, Gottschalks will liquidate Jan. 16, Circuit City to Liquidate , closing 567 stores Feb. 6, Fortunoff , operates 20 stores Feb. 6, Bruno's , operates 66 stores Feb. 12, S&K Famous Brands , operates 136 stores ; Update: Feb. 19, plans to close 30 . Update: May 26, plans to close rest. Feb. 17, Innovation Luggage , operates 10 stores Feb. 23, Ritz Camera , operates about 1,000 stores ; Update , April 6, closing 300 camera stores and 120 Boater's World stores March 6, Joe's Sports & Outdoor , operates 30 stores March 25, Bi-Lo , operates 215 stores April 13, Z Gallerie , operates 56 stores April 13, Ultra Stores , operates 181 stores May 5, Filene's Basement , operates 25 stores, sold 17
Potential Bankruptcies & Liquidation Impact: 1,468 confirmed closures out of about 2,738 stores
Announced Closings
Jan. 8, New York & Co. , 50 stores Jan. 8, Macy's , 11 stores Jan. 9, Supervalu , 50 stores Jan. 13, Cost Plus , 26 stores Jan. 20, Yankee Candle , 28 Illuminations stores Jan. 21, Filene's Basement , 11 stores Jan. 22, Phillips-Van Heusen , 175 stores Jan 22, Brown Shoe , up to 35 Famous Footwear stores Jan. 26, Home Depot , 48 stores Jan. 29, Starbucks , 200 U.S. Stores (plus 100 international Jan. 29, Chico's , up to 25 stores Feb. 9, Talbots , 20 stores Feb. 24, Jimmy'Z , 11 stores Feb. 24, Z. Gallerie , 25 stores Feb. 25, Zale Corp. , 115 stores Feb. 26, Gap , 50 net closings Feb. 27, Sears , 44 stores March 3, Virgin Megastores , 6 stores March 6, Ann Taylor , 37 stores in 2009, 163 total by end of 2010 March 18, Drug Fair , 11 stores March 23, Pier 1 , 80 stores April 3, Rite Aid , 117 stores April 21, Kirkland's , up to 40 stores April 29, Jones Apparel Group , 225 stores
Total Closings: up to 1,440 U.S. stores
Potential Impact of All Announcements to Date: 2,908 closures out of up to 4,178 potentially affected U.S. stores
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