Goodys liquidating

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For past BNET stories about Goody's troubles, click here.[Source:] Have mega sales changed the way people shop?CHICAGO (AP) — Discount clothing chain Goody’s Family Clothing will begin liquidating its stores on Friday as the retailer becomes one of the year’s first victims of the worsening economy.The move, which comes less than four months after the privately held retailer emerged from Chapter 11 bankruptcy protection, affects the Knoxville, Tenn.-based chain’s 287 stores scattered throughout 20 Midwestern and Southern states, said Cathy Hershcopf, a partner at Cooley Godward Kronish liquidating operations, becoming the first big chain to go under in 2009.The company was unable to restructure terms with its creditors and is in the process of seeking bids to liquidate its inventory and additional assets, said Cathy Hershcopf, bankruptcy attorney at law firm Cooley Godward Kronish .

“But undercapitalized companies like Goody’s experienced more pressure from their lenders and from their vendors.” Goody’s filed for bankruptcy protection in June, saying at the time that the move would help it address “pressures from tightening credit markets, strain on merchandise flow and a sizable but isolated number of underperforming stores in the chain.” As part of its reorganization plan, the company closed and liquidated dozens of underperforming stores, shuttered a distribution center in Arkansas and a corporate office in New York."It is both exciting and humbling to join the team that is taking the Wal-Mart mission of saving people money so they can live better to customers around the world," he said.Looking for overstock, customer returns, shelf pulls, or new wholesale products?It’s uncertain what will happen to the company’s 9,800 workers after the liquidation — being handled by a joint venture between Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC — is completed by the end of March.But without a last minute buyer or an investor to purchase high-performing stores, their job outlook is grim.

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