Goody's liquidates remaining US stores - KAIT Jonesboro, AR - Region 8 News, weather, sports

Goody's liquidates remaining US stores

CHICAGO (AP) - Discount clothing chain Goody's Family Clothing will begin liquidating its stores on Friday as the retailer becomes 1 of the year's first victims of the worsening economy.

Goody's has stores in Batesville, Jonesboro, Paragould, Poplar Bluff, and Searcy in Region 8.  Cooley Godward Kronish LLP partner Cathy Hershcopf says the move affects the Knoxville, Tenn.-based chain's 287 stores scattered throughout 20 Midwestern and Southern states. It comes less than four months after the privately held retailer emerged from Chapter 11 bankruptcy protection.

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 is completed by the end of March. But without a last minute buyer or an investor to purchase high-performing stores, their job outlook is grim.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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