S&K To Close 30 Stores

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:

Potential Bankruptcies & Liquidation Impact: about 1,231 stores

Announced Closings

Total Closings: up to 679 U.S. stores

Potential Impact of All Announcements to Date: up to 1,910 U.S. stores

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