Sources: Goody's to Liquidate

Sources: Goody's to Liquidate
January 06, 2009

Knoxville, Tenn.-based Goody’s Family Clothing Inc. has decided to liquidate, according to Wwd.com. The chain, which operates 287 stores across the Southeast, emerged from bankruptcy on Oct. 20, 2008, but reportedly exhausted its cash, credit and restructuring resources in early December. Sources said the company was expected to conduct an auction of its inventory with potential liquidators soon. According to Women’s Wear Daily, in the days leading up to Christmas and New Year’s, Goody's had circulated a plan to try to save the chain, but creditors evidently nixed the proposal. The New York Post quotes an executive at one apparel manufacturer as saying Goody's was "asking for significant concessions in order to help them stay in business. It was impossible to be on the call and not feel that the risk was substantial."

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