In a way, this is good news. S&K Menswear filed for bankruptcy protection a week ago. The chain operates 136 stores. For now, however, it's only looking to close 30. The number at the bottom of this listing that I've been updating amounts to up 1,910 U.S. stores being affected by the announcements to date. This news means that 106 of those stores will continue operating--at least for now. Unfortunately, we've had a nasty run of companies filing reorganization plans only to decide to liquidate a few months later (think Steve & Barry's and Circuit City). Hopefully, this is not what we'll see with S&K and the damage will be limited to these 30 stores.
S & K Famous Brands Inc, which operates the S & K Menswear retail chain, gained bankruptcy court approval on Wednesday to begin closing 30 of its remaining 136 value-priced men's clothing stores.
U.S. Bankruptcy Judge Kevin Huennekens approved sale procedures for the store closings at a hearing in U.S. bankruptcy court in Richmond, Virginia, court documents show.
S & K, based in Richmond, Virginia, said in court documents it hoped to begin closing the stores as soon as Thursday, saying it would lose "substantial value" otherwise.
Bankruptcies and Liquidations:
- Jan. 7, Goody's liquidates, closing 287 stores
- Jan. 8, Against All Odds files for bankruptcy protection, operates 64 stores overall, plans to close West Coast stores
- Jan. 13, Shane Co. files for bankruptcy, operates 23 stores
- Jan. 14, Gottschalks files for bankruptcy, operates 58 stores
- Jan. 16, Circuit City to Liquidate, closing 567 stores
- Feb. 6, Fortunoff, operates 20 stores
- Feb. 6, Bruno's, operates 66 stores
- Feb. 12, S&K Famous Brands, operates 136 stores; Update: Feb. 19, plans to close 30.
- Feb. 17, Innovation Luggage, operates 10 stores
Potential Bankruptcies & Liquidation Impact: about 1,231 stores
- Jan. 8, New York & Co., 50 stores
- Jan. 8, Macy's, 11 stores
- Jan. 9, Supervalu, 50 stores
- Jan. 13, Cost Plus, 26 stores
- Jan. 20, Yankee Candle, 28 Illuminations stores
- Jan. 21, Filene's Basement, 11 stores
- Jan. 22, Phillips-Van Heusen, 175 stores
- Jan 22, Brown Shoe, up to 35 Famous Footwear stores
- Jan. 26, Home Depot, 48 stores
- Jan. 29, Starbucks, 200 U.S. Stores (plus 100 international)
- Jan. 29, Chico's, up to 25 stores
- Feb. 9, Talbots, 20 stores
Total Closings: up to 679 U.S. stores
Potential Impact of All Announcements to Date: up to 1,910 U.S. stores