Chapter 11

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  • ssmith1627
    Senior Member
    • Dec 2005
    • 704
    • Corryton, TN, USA.
    • Ryobi BT3100
    #1

    Chapter 11

    Been quite a while coming but my company filed Ch. 11 today. They do have high hopes for emerging from it quickly so it doesn't look like we're shutting down by any means. Closing some stores, closing a distribution center and pulling back to our core region. I hope that will make us profitable quickly. Very sad though -- has to be over 1000 people losing their jobs. Scary times.

    Steve
    Tags: None
    • Tom Slick
      Veteran Member
      • May 2005
      • 2913
      • Paso Robles, Calif, USA.
      • sears BT3 clone
      #2
      Sad news. What industry?
      Opportunity is missed by most people because it is dressed in overalls and looks like work. - Thomas Edison

        Comment

        • ssmith1627
          Senior Member
          • Dec 2005
          • 704
          • Corryton, TN, USA.
          • Ryobi BT3100
          #3
          We're a retail clothing chain here in the southeast mainly. I'm not saying anything publicly that I shouldn't be so I don't mind saying who we are -- Goody's Family Clothing. The Ch. 11 filing was made public today so it's no secret. I think we'll still have 280 or so stores so it's not like we're shutting the doors. But it is sad to have to pull back and regroup.

          Steve

            Comment

            • footprintsinconc
              Veteran Member
              • Nov 2006
              • 1759
              • Roseville (Sacramento), CA
              • BT3100
              #4
              man, sorry to hear that! hopefully, you will be one of those lucky ones that gets to stay on. times are getting tuff. i hope that the economy starts to show signs of straighten out soon. you can only hope for the best.
              _________________________
              omar

                Comment

                • TB Roye
                  Veteran Member
                  • Jan 2004
                  • 2969
                  • Sacramento, CA, USA.
                  • BT3100
                  #5
                  Sorry to hear that. I do think that there will be a lot more fillings as the economy is in the dumps right now and it is going be be awhile for it to go back the other way. Until the Oil prices stablize and the Real Estate market starts recovering we are in for rough ride. I feel for those who are the inocent victims of this mess, all of us, Been down this road before a few times in my life but we will recover and go on. Thank God LOML and I are retired and have a good income so we will be ok. Started walking to the Store today, 1 mile round trip, to save a little gas.

                  Tom

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                    • final_t
                      Veteran Member
                      • Nov 2003
                      • 1626
                      • .
                      #6
                      More to close

                      Pier 1 is going to close some stores.
                      Foot Locker closed 60, more to come.
                      Pacific Sunwear is going to close the "demo" store line.
                      Wilsons Leather is closing ALL of it's stores.
                      Zales is going to close about 100 (I wish Kay would just go away already).
                      Pep Boys is going to close some stores.

                        Comment

                        • Ed62
                          The Full Monte
                          • Oct 2006
                          • 6021
                          • NW Indiana
                          • BT3K
                          #7
                          It's never a good time for something like this, and like others, I fear there are more to come before it gets better.

                          Ed
                          Do you know about kickback? Ray has a good writeup here... https://www.sawdustzone.org/articles...mare-explained

                          For a kickback demonstration video http://www.metacafe.com/watch/910584...demonstration/

                            Comment

                            • ssmith1627
                              Senior Member
                              • Dec 2005
                              • 704
                              • Corryton, TN, USA.
                              • Ryobi BT3100
                              #8
                              Times for expansion and times for contraction. It's easy to see that it's for the good of the company and part of what we have to do to move forward and find profitability again.......when you're on this side of the fence and not someone who just lost their job. Just have to think of it as helping the other 8000 to keep their jobs, me included.

                              Steve

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