I just personally received information of the first official bankruptcy of 2009. While the article below mentions only an expected bankruptcy, the
information I have is that it is now (as of a few hours ago) final:
Goody's Family Clothing Inc. (GDYS) is liquidating operations, becoming the first high-profile retailer to go under in a new year that is
expected to see many more going-out-of-business announcements.
The moderately-priced chain was unable to restructure terms with its creditors and is in the process of seeking bids to liquidate substantially all of
its inventory and other assets, said Cathy Hershcopf, bankruptcy attorney at law firm Cooley Godward Kronish LLP
Source:
money.cnn.com...
This will be a minor situation for me, but it marks the beginnings of another year to hold on to your hats. The Dollar Tree in our town announced a
couple months ago that it was relocating to cheaper property, then announced it was closing before the move could happen.
My kids received gift cards for Goody's last Christmas as a gift from our church. We wiped them out the day after Christmas on sale items. If anyone
else has any, I suggest you grab what you can, because these cards will be as worthless as Confederate money shortly.
TheRedneck
[edit on 8-1-2009 by TheRedneck]
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