EDISON GETS OK TO SHUT 473 UNITS
NEW YORK — Edison Bros. Stores Inc. has received bankruptcy court approval to shutter 473 money-losing stores, mostly in its men’s apparel divisions.
The chain previously had announced plans to close 115 Oaktree units and an unspecified number of J. Riggings, Repp Ltd., Webster and Jeans West stores. About 70 women’s apparel stores and 80 footwear stores will also be shut.
Edison, which filed for bankruptcy protection Nov. 3, received the court’s approval to use its full $200 million debtor-in-possession facility with BankAmerica Business Credit. The company previously had received approval to use up to $100 million.
In a statement, Alan Miller, chairman of Edison, said the DIP agreement would “provide more than sufficient financial resources for our merchandising and other operating requirements going forward.”
Edison said same-store sales in its apparel division fell 6.4 percent for the four weeks ended Nov. 25. Division sales dropped 7.2 percent.
The company operates 2,700 units. Total same-store sales skidded 7.7 percent in the month. — Fairchild News Service