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Closings
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Closings Wherehouse Entertainment, Inc. (310-965-8300) filed Chapter 11 citing a decline in sales, increased downloading from the Internet and competition from discount retailers. The company expects to close 120 stores during the next several months. Federated Department Stores, Inc. (212-704-3300) is planning to close 11 stores nationwide.The company will begin consolidating its Rich’s and Macy’s department stores in the Atlanta, GA area this month. The company also plans on closing Lazarus stores in Bloomington and Indianapolis, IN; a Goldsmith’s in Memphis, TN and a Macy’s in South Brunswick, NJ. A total of 28 stores will begin branding themselves as Rich’s-Macy’s this month. Bozzuto’s, Inc. (203-272-3511) closed its Adams Super Food Stores location in West Hartford, CT, citing competition, low profitability and a shift in business strategy. Adams operates nearly 20 stores throughout CT. Gateway, Inc. (858-848-3401) is closing four of its stores as part of ongoing cost-cutting measures. The company is closing stores in Encinitas and Fresno, CA; Memphis, TN and Spokane, WA. The company currently operates 268 Gateway Country stores nationwide. Cotton Ginny Ltd. (416-785-9686) has been granted bankruptcy protection and may close up to 100 stores in Canada because of declining sales. Tippin’s Restaurants, Inc. (913-661-0666) has sought Chapter 11 bankruptcy court protection. The filing came after the company closed nine unprofitable restaurants in the Kansas City, KS area, as well as St. Louis, MO and TX. |