Going-out-of-business sales could appear as early as Friday. Goody’s got its start as an apparel retailer in East Tennessee more than 55 years ago. On Tuesday, a meeting of potential liquidators who may run the sale was held, according to Bob Carbonell, chief credit officer for retail credit rating service, Bernard Sands.

More than 800 Knoxville-area employees will be affected by the closing. Mike Edwards, president and CEO, the Knoxville Chamber of Commerce, said this will be especially painful to the local economy.

“With Goody’s we have a company trying to do a workout in a weak economy, but it’s tough to survive when you’re already in distress,” Edwards declared. Goody’s officials and Prentice Capital Management, the managing member of PGDYS Lending LLC, which took ownership of the company in 2006, did not provide any comments to this development.

In June, Goody’s filed for bankruptcy protection. As part of its restructuring, 70 stores were closed, along with a distribution center and a New York office. Emerging from bankruptcy in October, the company began offering its own bath and spa line, Magnolia Spa; a section focused on local college teams and new vendors including Chaps for Men and Ashley Judd clothing line.

Paul White, Goody’s CEO, had expected the company to turn a profit in the fourth quarter, however reports surfaced in December that the company was once again in financial distress. This followed a trade publication reporting the company had exhausted its cash, credit and restructuring reserves.

In December, Goody’s stopped issuing new gift cards and discontinued lay-aways and ended its tuxedo rental service. It held a conference call with suppliers seeking concessions during the week of Christmas.

Goody’s was founded in 1952 by the Goodfriend family. It grew to over 300 stores that operated primarily in the South and Midwest. GMM Capital and Prentice Capital brought the company in 2006 and it became a privately held company. PGDYS Lending LLC and Prentice Capital Mgt currently own the company. A fact sheet posted December 10th on Goody’s website stated the company had 9,800 employees and annual revenues of $800 million dollars.

Source: www.knoxvillenews.com

“Support the troops!” has some meat behind it in Oak Ridge. “We’re here for the veterans!” is the rally cry of East Tennessee’s veterans business outreach programs. That is the consensus of three Clarksville citizens who, along with over 250 others, attended the all-day Oak Ridge Veterans Business Conference. Dr. James H. Cossingham, President, Gold Eagle Corp. and his associate, Turner McCullough Jr.- contributing writer for this publication, attended the conference at the invitation of Herstle Cross, CEO, Cornerstone Equipment, Supplies & Consulting. Cornerstone is an SBA-8A Native American company at the Oak Ridge National Nuclear Security Agency.

Ms Felicia Johnson, newly named director of the Clarksville Small Business Development Center at Austin Peay State University also attended. She was seeking to establish contacts with her counterparts in East Tennessee and especially Oak Ridge, which could enhance opportunities for her future clients in Clarksville and Montgomery County. The conference was held at the Y-12 National Nuclear Security Agency Complex’s New Hope Center, 602 Scarboro Road, the new visitors and conference center at the Oak Ridge Y-12 Complex.

The conference was hosted by the Y-12 National Security Complex and the University of Tennessee Center for Industrial Services Procurement Technical Assistance Center. Co-sponsors and partners included Bechtel Jacobs Company, City of Knoxville, City of Oak Ridge, East Tennessee Military Affairs Council, Knox County Government, Knoxville Chamber of Commerce, Knoxville Utilities Board, the National Nuclear Security Administration.

Additional participants included Oak Ridge Associated Universities, Oak Ridge Chamber of Commerce, Oak Ridge National Laboratory, Roane State Community College, Small Business Administration, Tennessee Small Business Development Center, Tennessee Economic and Community Development and its Business Enterprise Resource Office, Tennessee Valley Authority, United States Army Corps of Engineers, United States Department of Energy, and Wackenhut Services Oak Ridge Team.

The purpose of the Veterans Business Conference is to increase business opportunities for service-disabled veteran and veteran-owned small businesses. Michael Scott Golden, CEO, Veterans Construction Inc. was the keynote speaker. Veterans Construction is a Service-Disabled Veteran Owned Small Business of Knoxville, Tennessee with extensive experience with the US Army Corps of Engineers, the Department of Energy (DOE) and the Veterans Administration.

Attendees heard important information on the status of veteran small business programs throughout the federal government; a forum regarding business opportunities with DOE and NNSA prime contractors; information of doing business with federal, local and state governments and seminars about developing a business plan and financing small business ventures. Fort Campbell’s Contracting Office also gave a presentation and met with conference attendees on contracting opportunities and procedures. The Oak Ridge Y-12 Complex is aggressively pursuing technology transfer licensing opportunities and seeks service-disabled veteran and veteran owned businesses for its ventures.

The conference center’s corridor was filled with governmental and business entities offering information, contracting registration forms, free gifts and contact information. Registration was accomplished with a continental breakfast and a boxed lunch was available at the mid-day break.