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Topic: Bernard Sands Retail Credit Rating Svc

Goody’s shuts doors, ends 55 years in business

 

According to The Knoxville News Sentinel, Knoxville-based Goody’s Family Clothing is closing its doors, having failed to secure sufficient capital to continue its operations. The business had just emerged from bankruptcy three months ago.

goodys-logoGoing-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. «Read the rest of this article»

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