MCCRORY GETS OK ON CLOSINGS
NEW YORK — McCrory Corp., reorganizing in Chapter 11 since February 1992, got bankruptcy court approval Thursday to close 150 stores and open 32 units.
Bankruptcy Judge Cornelius Blackshear approved the downsizing, which will leave the company with 545 stores.
Alan Sacks, of Fried, Frank, Harris, Shriver & Jacobson, counsel to McCrory, said the move will help McCrory propose a plan of reorganization by the end of April. He said the store-closing plan will include the sale of 20 leases, which should net the firm $20 million. McCrory’s will take in another $20 million, through going-out-of-business sales, Sacks added.