Saturday, January 17, 2009
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Liquidators send out Goody's closing update

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[January 17, 2009]  Last week Lincoln Daily News reported that the Goody's retail chain had begun liquidation and that Lincoln would soon be losing the local store. We were confident in our "due diligence" to report the story as fact and not just as a rumor.

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.


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