Bankruptcy News
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Bankruptcy News

Just for Feet (205-408-3183) recently asked for court approval to sell some or all of its 278 locations. The company has already closed 85 stores in recent months and filed for Chapter 11 bankruptcy protection in November of last year. The company reported a lack of sufficient funds to continue normal operation, which necessitated a U.S. Bankruptcy Court-approved asset liquidation auction on February 15. Internal weaknesses, including inventory control, were blamed for the company’s problems.

Tops Appliance City (732-248-2850) recently filed for Chapter 11 bankruptcy protection. The Edison, NJ-based chain reported that the action was necessary after fourth-quarter sales figures came in lower than expected, in combination with higher operating expenses at its three stores in Manhattan and Brooklyn. Those stores were closed in early February.