2009 - The Year of More Of the Same

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]

Its just the first of many thousands we will see go under.

Your choices for ALL of your shopping out will be: Walmart, Target, Best Buy, Wendys and Taco Bell.


How nice.

reply to post by TheRedneck


Hi Redneck. I like your new Avatar. Remind me to wear a bullet-proof vest when I knock on your door.