Goody's To Close 90 Stores

Goody's Family Clothing is getting ready to file for Chapter 11 Bankruptcy protection, according to The New York Post.

The Post reports that the more than 350-store chain has been dealing with a "business downturn" since going private in 2006. The downturn included cost cuts, store closings, and lay offs, the paper says.

The Knoxville-based company has been seeking debtor-in-possession financing during the past week, The Post reports. DIP financing is "financing arranged by a company while under the Chapter 11 bankruptcy process," according to Forbes' Investopedia.com.

The Post says most of Goody's suppliers have stopped shipping merchandise to the company's stores, because payments to creditors have been "spotty for more than a month now."


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Lulu Location: Hazard on Jun 9, 2008 at 01:54 PM
    The problem with Goody's is overpurchasing. The stores are so crowded they don't leave walking room . I get so closetophbic that I have to leave without buying anything. If they would buy about half as much they would make more profit
  • by bad Location: nich ,ky on Jun 9, 2008 at 12:27 PM
    oyu know it's easy to see with all the bickering on here why made in america no longer says or means anything to anyone ! just proof that when 1 person is in a room they are considered smart , but when you put 3 or more people together they become as dumb as the question they are trying to answer ! if everybody would stick together we wouldnt be in this situation !
  • by not surprised Location: kentucky on Jun 9, 2008 at 08:01 AM
    I have to agree with Abby...as one that has worked for Goody's the entire corporate office has no idea what they are doing! This is the same stuff that i've been saying for years!
  • by jo Location: ky on Jun 9, 2008 at 07:05 AM
    We all need to be praying for our nation and are leaders.
  • by Jack Location: Pike County on Jun 9, 2008 at 06:49 AM
    "Viewer" is right, at one time Goody's had good quality merchandise. We don't shop there anymore because the selection and quality of their merchandise has gone down. Cheap product geared toward one group of customers. At the same time this is just the beginning, the first group to go will be clothing and specialty stores because these are the things we can afford to give up.
  • by Chris on Jun 9, 2008 at 06:32 AM
    I use to work for Goody's in a couple different locations, I was in Management with them in their flagship store in Knoxville and then moved back to Kentucky to work for them at a new store. I have to agree it's not the economy to blame for this. When you have a group of people coming from Kmart your bound to know what is gonna happen!! When the previous owner had the company, it was never in debt he knew how to spend the companies money wisely. If he didn't have the funds to buy something he didn't buy. It just sad to see that Apprentice and GMM did not take long to run this money making company in the ground......maybe somebody should give Bob a call!
  • by sandra Location: everywhere on Jun 8, 2008 at 01:18 PM
    What is wrong with the goody's is not the economy. It is the fact that it was sold to a group of business idiots who hired the same group of people who ran Kmart into the ground to run what was once a debt-free southern-bred company. They termed all the employees who actually had a clue as to how to run a business and they alienated their long-time customers and business contacts.
  • by Christopher Location: Lexington on Jun 8, 2008 at 08:32 AM
    So what that Goodys is struggling. Many companies have BK'd over the years and came back. Many have failed. This is America, the land of opportunity, not promise. Bill Clinton did damage the US severely with NAFTA and people say he was a good president. LOL! He was the worst disgrace to the office of the Presidency ever. I wish Goodys well and hopefully they can recover so people can keep their jobs. Let's realize the same paying jobs are everywhere in the areas Goodys are located. No disrespect here, but $8.00 an hour can be earned at most any business. Maybe all you Bush haters can go to Goody's and spend you stimulus check to help the company. Maybe some of the haters can come off their cash and buy something vs trying to get a DIM in the White House, which is not going to happen. If you choose these jobs, chances are you will loose them someday, it's happened to me before and I moved on blaming no one but the company I worked for mismanaging or being corrupt.
  • by Cindy Location: Mt Sterling on Jun 8, 2008 at 06:10 AM
    Anonymous.. you are so very wrong, My mom worked in a factory for 19 1/2 years only making the max. of $6.26 an hour making Levi's then they decided to take it to Mexico, and when she was making them they cost less than $20 a pair, so you dont know what you are talking about when you say if they are made here they would cost more here. I and my family felt the impact of a business being pulled out and taken over seas and it was a rough time.
  • by Me! Location: Ky on Jun 8, 2008 at 05:30 AM
    It will only continue to get worse. Our country is in bad shape and all we can do is sit back and watch it go.Before long we will be having to sit up at night in shifts to try and protect what we have. Thieves will be rampant and we will have wars to fight right here between ourselves. Sounds pretty stupid and off the wall but it is coming.We have no leadership nor anyone there that cares for the middle class person.All they care about is their own wealth and how much more they can get.
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