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Closings & Financial Woes
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Closings & Financial WoesCrown Books (301-955-1300) will close all of the chain’s 90 locations nationwide. Keen Realty is handling the liquidation of 71 leases left by the bookseller. The company has 28 units, including locations in Bowie, MD; Waldorf, MD and Potomac, MD available immediately. Leases in CA and IL are also available.
Montgomery Ward (312-467-6241) has closed its first wave of stores including locations at Chesapeake Square Mall and Greenbrier Mall in Norfolk, VA and its freestanding location in Newport News, VA. The company is closing stores after selling off the inventory. The company also closed its stores in Denbigh, VA and Portsmouth, VA. The company closed its Pueblo Mall location and is looking for a new tenant for the property in Pueblo, CO. Mall management and other tenants have a say in what stores may open on the site.
Paul Harris (317-298-6881) will close all of its 266 stores. The Scottsdale Mall location in South Bend, IN will close but no date has been announced. The company has been unable to emerge from bankruptcy protection since October 2000.
Regal Cinemas (865-922-1123) may close between 26 and 69 of its theaters. The company operates 375 locations nationwide.
Wild Wings, Inc. (651-345-3663) will close its stores at the Galleria Mall in Rochester, MN; Red Wing, MN; Maplewood, MN; Bloomington, MN; La Crosse, WI and Des Moines, IA. The wildlife art galleries are closing so the company can focus on catalog sales and wholesaling.
Advantica (864-597-8000) subsidiary FRD Acquisition Company has filed for chapter 11 bankruptcy protection. The company operates Coco’s restaurant chain and Carrows Restaurants Inc. but no units are expected to close.
Loews Cineplex Entertainment (212-833-6160) has filed for chapter 11 bankruptcy protection and will most likely be sold to a group of investors including Onex Corporation, Oaktree Capital Management and Pacific Capital Group who hold a combined $250 million in debt from the company. The theater chain has announced the locations of its most recent round of closings. The company will close seven locations in IL, three each in ID and UT, two in WA, and one each in FL, MN, NJ, VA, NY, TX and MA. The NJ location to close is the Loews Showboat Quad in Edgewater and the Encore Worldwide theater in Manhattan will also close. The company has closed the location at the Streets of Mayfair in Miami, FL and the Lincoln Heights Cinema in Spokane, WA. The company will also close 25 theaters in Canada. Lecther’s (973-481-1100) closed its location at University Mall in Tampa, FL as part of its nationwide restructuring that will close 166 stores total. The company also closed its store in Bradenton, FL and its Charleston Town Center store in Charleston, WV.
Schnucks Markets, Inc. (314-994-4441) will close its Chippewa Street store in St. Louis, MO. Pace Properties said that Shop ‘N Save will open in the site once Schnucks has vacated. The company operates 90 locations in MO, IL and IN.
Spiece Stores (219-563-8033) has filed for chapter 11 bankruptcy protection and will close its Indianapolis, IN store. The athletic apparel retailer has five stores throughout IN.
Frank’s Nursery (248-712-7000) will close 24 stores as part of its reorganization plan after filing for chapter 11 bankruptcy protection. The company operates 218 stores in 15 states.
Bugle Boy (805-582-1010) has sold its signature line of clothing to Perry Ellis International. The company’s stores will be closed and internet sales have stopped. The company operated 215 stores including stores at the Williamsburg Outlet Mall in Lightfoot, VA and stores in Glen Allen, Potomac Mills and Max Meadows, VA.
Nortex Drug Distributors, Inc. (972-867-9257) will close seven stores in TX. The closings will occur at the Arlington location on East Road to Six Flags, the Fort Worth store on Ridgmar Meadow Road, the Lewisville location at Vista Ridge Plaza Shopping Center, the Irving store on MacArthur Boulevard and two stores in Richardson, the Dal Rich Village location and the store on East Belt Line Road. The company’s seven other TX locations will remain open.
Steele’s Markets (970-266-4700) operates six grocery stores and eight pharmacies throughout CO. The company filed for bankruptcy protection and has hired a consultant to evaluate current business practices.
NASCAR Thunder (615-457-8700) will close all 11 stores nationwide including the location at the Avenues Mall in Jacksonville, FL. The stores were owned by TNN and was then purchased by MTV Networks which is phasing out its retail.
United Artists Theatre Company (303-792-3600) closed its theater at the Florida Mall in Orlando, FL. The company has been under Chapter 11 bankruptcy protection since September.
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