Goody’s Family Clothing Inc. said Monday it filed for Chapter 11 bankruptcy protection.
The Knoxville, Tenn.-based retailer secured $210 million in debtor-in-possession financing, which will provide liquidity as the firm reorganizes. “We plan to close 69 underperforming stores, consolidate our distribution centers by closing one facility in Russellville, Ark., significantly reduce expenses, and create a more appropriate capital structure,” said Paul White, chief executive officer.
The chain currently operates 355 stores across 20 states.
For complete coverage, see Tuesday’s issue of WWD.