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Closings
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Closings CVS (800-746-7287) plans to close 200 of its pharmacies in January after reporting a 16% decline in third-quarter earnings. The company operates more than 4 100 locations in 31 states and Washington DC. Lyon’s Restaurant (916-489-3399) expects to close its chain of 42 restaurants as a result of filing for bankruptcy last month. The chain has closed a dozen locations including those in Alameda Pleasanton Livermore Hayward Milbrae and San Carlos CA. Samuel’s Jewelers (512-369-1476) plans to close 38 stores by January citing a loss of $46 million in sales during its most recent fiscal year. The company currently operates 163 stores in 23 states. Bill Knapp’s (616-968-1121) closed a location in Middletown OH after 30 years of business and expects to close 11 of its restaurants in MI and five in OH due to poor performance. Phoenix Restaurant Group (615-277-1234) trading as Black-eyed Pea filed Chapter 11. The filing comes after a group of FL creditors filed for involuntary bankruptcy under Chapter 7 against the AZ-based restaurant chain. The company will continue to operate while undergoing reorganization. House2Home Inc. (949-442-5448) filed voluntary petitions under Chapter 11 and will close all 42 of its decorating superstores. TJX Cos. Inc. which trades as T.J. Maxx and Marshalls plans to establish a $40 million after-tax reserve related to the bankruptcy filed by House2Home and could have some liability for 41 of the leases. BJ’s Wholesale Club Inc. which was spun off from House2Home four years ago has agreed to indemnify TJX for any liabilities from the leases through Jan. 31 2003 and for 50% of liabilities thereafter. Pride Restaurants LLC (205-714-3715) closed five of its Burger King locations in AL. Pride Restaurants filed for Chapter 11 protection in April. The company’s 10 other Burger Kings will remain open. |