Department store retailer Goody’s LLC might be headed back to the courthouse for a second tour of bankruptcy less than two months after its exit, but this time sources said it might not even try to restructure.
Goody’s, which filed for bankruptcy court protection in June as Goody’s Family Clothing Inc., has run out of cash, credit and restructuring resources, sources said Thursday. The Knoxville, Tenn.-based chain emerged from bankruptcy on Oct. 20, having closed on a $175 million revolving exit credit facility provided by GE Corporate Lending and Bank of America. It also secured $10 million and $35 million exit term loans from GB Merchant Partners and PGDYS Lending, respectively. PGDYS Lending, which owns Goody’s, is managed by private equity firm Prentice Capital Management Inc.
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