Savannah, Ga., Friedman’s Inc. announced it will seek the Bankruptcy Court’s approval in its Chapter 11 reorganization to close up to 165 underperforming stores in 17 states, and sell in excess of $25 million of inventory through a court-approved disposition process. The closings will leave Friedman’s with approximately 481 stores in 20 states.
The company’s board of directors approved the store-closing program on Monday, and pleadings were filed in the Bankruptcy Court on Monday evening. The Court has scheduled a hearing on the closings for March 2, 2005.
Friedman’s filed Chapter 11 in January 2005.