Melville, N.Y. Goody’s Family Clothing, Inc., which recently filed for Chapter 11 to restructure its operations, has selected DJM Realty to manage the disposition project of 69 retail store leases located primarily throughout the Southeast.
During this process, Goody’s will continue to remain fully operational and open for business as usual.
The Goody’s store leases are available in the following locations: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Missouri, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
Goody’s Family Clothing, Inc. has identified the need to close these 69 underperforming stores to significantly reduce expenses and create a more appropriate capital structure so that Goody’s is better positioned for the future, the company said.
These 69 locations are currently liquidating inventory through their stores until store closures are complete.
The engagement of DJM Realty, which is subject to bankruptcy court approval, anticipates a bid due date by July 30, 2008.