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Public Notices

April 23, 2014

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Goody's To Close All Of Its Stores

Originally published: 2009-01-07 05:12:00
Last modified: 2009-01-07 11:04:20
 


But Store Here

Continues Open

For The Present

By DOUGLAS WATSON

Managing Editor

Goody's Family Clothing, which has a store here in the Greeneville Commons shopping center, has announced that it will be closing all of its stores and liquidating the company.

Goody's Greeneville store has about 25 employees, who are called associates, according to Tammy Bowles, the store's manager.

The Greeneville store remains opens on its normal schedule, a store employee said this morning.

The Knoxville-based company has 287 stores in 20 Southern and Midwestern states.

As of December, Goody's reported that it had about 9,800 employees and annual revenues of $800 million.

An Associated Press report from Chicago said, "The firm is working with Goody's vendors and its parent, PGDYS Lending, LLC, which is managed by Prentice Capital Management."

AP continued, "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."

Goody's stores had stopped offering gift cards and were no longer offering lay-away purchases and tuxedo rentals.

The New York Post reported earlier this week that Goody's had sought looser credit terms during a conference call during Christmas week with suppliers.

"They were asking for significant concessions in order to help stay in business," the Post quoted an unidentifed executive, who said he decided to have his company stop shipping goods to Goody's.

"It was impossible to be on the call and not feel that the risk was substantial," the unnamed executive of another company told the Post in an article published Monday.

Earlier Problems

Goody's last June had filed for Chapter 11 bankruptcy protection, a step which enabled the company to reorganize and emerge from bankruptcy in October.

However, in November, Women's Wear Daily reported that Goody's "might be headed back to the courthouse for a second tour of bankruptcy," but that it "it might not even try to restructure."

Company Background

According to the online reference source Wikipedia, Goody's Family Clothing was founded in 1953 by Mike D. Goodfriend in Athens, Tenn., as a small family business, Athens Outlet Store.

"In 1979, the family business changed the merchandise focus from offering closeout, irregular, and previous-year merchandise to offering current, first-quality, brand-name merchandise.

"This change brought a new headquarters in Knoxville, a new president and CEO, M.D.'s son, Bob Goodfriend, and a name change to Goody's Family Clothing, which reflected the company's new strategic direction.

"Goody's has grown from 12 stores and $3 million in sales in 1972 to over 380 stores and well over $1 billion in sales in 2007.

"Goody's went public with its stock in October 1991, but continued to be headed by Bob Goodfriend until it was taken private again in a sale to GMM Capital and Prentice Capital Management in January 2006."

 
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