EDISON ABLE TO EXTEND ITS EXCLUSIVITY PERIOD
NEW YORK — A bankruptcy court has approved a request by Edison Bros. Stores Inc. to extend its exclusivity period for filing a reorganization plan through Sept. 6.
The extension, routine in large bankruptcy cases, comes as the 2,700-unit apparel retailing chain reviews its operations to determine whether more store closings are needed.
According to one industry report, the chain is close to determining that it will have to shut another 200 to 250 underperforming stores. The St. Louis-based retailer closed 473 stores at the end of January.
An attorney for the company, which operates mall-based apparel specialty and footwear stores under the J. Riggins, Webster, Jeans West, Coda, Bakers and other nameplates, said Wednesday that no decision on additional store closings has been made.
Edison Bros. filed for Chapter 11 reorganization on Nov. 3, 1995. At the time, Alan D. Miller, chairman, said the company was “reviewing its options” regarding the possible closing of stores beyond the original 500. — Fairchild News Service