"They weren't as capitalized as they needed to be to weather this economic storm," she said.The 282-store chain successfully reorganized in October after filing for Chapter 11 bankruptcy protection in June.[Source: Yahoo Finance] Mc Millon named CEO of Wal-Mart International -- Wal-Mart Stores Inc. 7 that Doug Mc Millon will soon assume the role of president and CEO of Wall, the retailer's second largest operating segment.Mc Millon, currently president and CEO of Sam's Club, will report to future CEO Mike Duke; both men will take over their new duties Feb. Mc Millon began his career with the chain 18 years ago as an hourly associate who unloaded trucks.Goody’s has five Louisiana locations: Hammond, Lake Charles, New Iberia, Opelousas and Ruston.The firm is working with Goody’s vendors and its parent, PGDYS Lending LLC.
“But undercapitalized companies like Goody’s experienced more pressure from their lenders and from their vendors.” Goody’s filed for bankruptcy protection in June, saying at the time that the move would help it address “pressures from tightening credit markets, strain on merchandise flow and a sizable but isolated number of underperforming stores in the chain.” As part of its reorganization plan, the company closed and liquidated dozens of underperforming stores, shuttered a distribution center in Arkansas and a corporate office in New York.
"Progress has been made by Borders Group over recent quarters within the challenging economy to reduce debt, improve cash flow, cut expenses, enhance inventory productivity, and improve margins, but it is imperative that the company more aggressively attack these initiatives to address its long-term future," chairman Larry Pollock says.
[Source: internetretailer] Goody's to liquidate -- No longer able to keep its head above water after a tough holiday season, Goody's Family Clothing Inc.
The firm is working with Goody's vendors and its parent, PGDYS Lending LLC.
It's uncertain what will happen to the company's 9,800 workers after the liquidation _ being handled by a joint venture between Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC _ is completed by the end of March.