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On Friday afternoon we received direct confirmation and additional
information from the Gordon
Brothers Group that the store would be closed. The report stated:
"Despite emerging from bankruptcy protection
this past October, the continuation of the downturn in consumer
spending along with the tightening of credit sources have left Goody's with no alternative but to cease operations, marking the end
of the 55-year-old family business." Paul White, chief executive
officer for Goody's Family Clothing Inc., said: "In spite of our
best efforts to turn around the company, in the end, the current
retail environment proved to be too challenging."
He added, "I'd like to thank all of our employees for their hard work and
dedication, and especially all of our customers for the support they
have given us over the years."
White said that Goody's has always been about finding great
brands at great values in convenient locations, and he hoped
that customers would take advantage of the values to be found on all merchandise in all stores during the
going-out-of-business sale.
The report also stated that Goody's has lowered prices on its
entire inventory. Savings start at 40 percent off regular prices.
Consumers can find values on key national brands, including Adidas, Levi's, Dockers, Chaps, Reebok, Lee and Alfred Dunner. The company also carries private brand collections,
including Ivy Crew, Mountain Lake, Duck Head Jeans Co. and Kid Crew,
as well as exclusive fashion brands, such as Ashley Judd.
Gordon Brothers Group -- a global advisory, restructuring and
investment firm specializing in the retail, consumer products, real
estate and industrial sectors -- and Hilco Merchant Resources, which
provides a full suite of strategic services for retailers, are
running the going-out-of-business sale on Goody's behalf.
It was not disclosed if the statement of Jan. 22 as the final day
open, as included in a
memorandum to all stores, will be honored or if liquidation will
continue until stores reach depletion levels.
[By
MIKE FAK]
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