Goody’s files for bankruptcy; Plans to close Lynchburg store
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WSLS News Staff & NBC
Published: June 9, 2008
Goody’s family clothing incorporated has filed for bankruptcy protection, but remains in business.
Goody’s said the decision came after addressing pressures from tightening credit markets, slow merchandise flow, and underperforming stores in the chain.
The Knoxville, Tennessee-based company plans to close 69 stores, along with a distribution center in Arkansas.
One of the stores slated to be closed is #174 in Lynchburg. That is at Candlers Station. It’s the only store in all of Virginia on the closing list.
Goody’s has secured a commitment for $210 million in financing to supplement its working capital and provide adequate liquidity, while it works to reorganize the business.
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