GLASGOW — Goody’s Family Clothing, a 55-year-old company with 287 stores across the Southeast, announced in an employee memo that it will be liquidating inventory.
The memo was obtained by WVLT in Knoxville, Tenn.
Goody’s has been surrounded with dismal reports since Women’s Wear Daily cited sources Dec. 12 as saying the company was out of cash and credit.
Just Saturday, the company reported that it would be suspending sales of gift cards, new layaways and tuxedo rentals, but honoring current accounts.
In the memo, CEO Paul White wrote: “Everyone should know we have exhausted any and all ideas up to this point to find ways to fund the company’s financial needs. Unfortunately, due to the overwhelming financial strain we are experiencing, along with the difficult retail climate, we have not been successful.”
White encouraged all employees to keep a positive attitude and stated the company would be “liquidating the inventory in our stores.”
“I want to assure everyone we are not withholding information, but rather have spent all of our time up to this point working on options to help the company,” White wrote. “We plan to share all of our findings when complete.”
The announcement in the memo comes only three months since Goody’s emerged from Chapter 11 bankruptcy. The bankruptcy closed stores in Lexington and Paducah.
The company exited bankruptcy following its purchase by Prentice Capital Management.
Another Prentice holding, KB Toys, recently announced it would be liquidating all stores.
Joanna Drake Gager, public relations coordinator for Goody’s, said in an e-mail Monday that the company did not have an official statement at the time.
Employees at the local store in Barren River Plaza were not able to comment on the matter.
Ammie Caffee, 20, and frequent shopper at Goody’s, said the loss of Goody’s will leave a retail hole in the community.
“I don’t know where I’m going to get clothes now,” she said. “Goody’s and Cato’s are really the only affordable stores, besides Wal-Mart.”
Caffee said she hopes the best for the employees.
“They were always so nice and friendly, I hope they’re getting some benefits from the company because of this,” she said. “I should have known those awesome sales were too good to be true.”
Local News
Goody’s will liquidate inventory
- Local News
-
-
Community remembers
There were a variety of emotions Wednesday night as Glasgow alumni members strolled the halls of the former high school one last time.
-
Fire leaves owner asking, ‘What’s next?’
A fire that destroyed Coffey’s Concrete Products on May 10 left the owners of the 30-year-old business with decisions to make.
-
Lyle will be Memorial Day speaker
Not many veterans can say they didn’t accomplish enough during their time in the United States Marine Corps, but retired Sgt. Maj. Travis Lyle can.
-
Youth theater group brings Grimm production to stage
It’s no longer just Disney and Nickelodeon that make shows by children for children.
-
Monroe County man wins 53rd District
A Monroe County businessman won the Republican primary race Tuesday to represent the Kentucky House of Representatives’ 53rd District.
-
There are many reasons for massive Massie win
Thomas Massie credits his 19-point win over more established opponents in Tuesday’s 4th Congressional District Republican Primary to a coalition of groups and his message of smaller government.
-
Evening Update: Scotties beat ACS for 15th District championship
The Glasgow Scotties baseball team beat the Patriots of Allen County-Scottsville by a score of 3 to 1 to take the 15th District title on Wednesday evening. See more in the Thursday print and e-editions of the Glasgow Daily Times.
-
Evening Update: Lady Scotties win district championship
The Glasgow High School Lady Scotties softball team won the 15th District title Wednesday afternoon by defeating the Allen County-Scottsville Lady Patriots, who were ranked No. 1 in the state, by a score of 1 to 0.
-
Gardner beats Davis
John Gardner was admittedly nervous before the polls closed on Tuesday night.
-
Givens fends off Butler
The Tea Party did not prevail in Barren County or across the 9th Senate District as incumbent Senator David Givens kept his seat against Tea Party challenger and Metcalfe County native Don Butler.
- More Local News Headlines
-
FAMU Bandmates: Victim Volunteered to Be Hazed
Raw Video: Bride Who Faked Cancer Released
Raw Video: Tornado Appears During Wedding
HP to Cut 27,000 Jobs, Save Up to $3.5B
Inquiry Hears Wider Secret Service Misbehavior
Md. 911 Dispatcher Caught Sleeping on Job
Raw Video: Toddler Trapped in Washing Machine
Iowa Man With Zebra, Parrot in Truck Gets DUI
Egyptians Pick New President in Free Election
Giant Bull Head Draws Drivers to South Dakota
Astrodome Fades As Houston Decides Fate
Franciscan Files Tell Stories of Priest Abuse
Wildfire Destroys 2 Homes
Flight Diverted After Suspicious Note
Joplin Remembers Deadly Tornado, 1 Year Later
Panel Recommends Against Routine Prostate Test
Fired Lingerie Employee Claims Discrimination
Facebook Shares Continue Negative Slide
Cuba Waiting for Cyber Age to Come
8 Hurt in Oklahoma Shooting After NBA Playoff
