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Closings and Financial Woes
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Closings and Financial Woes Dekor Inc. (678-420-5900) closed its three Atlanta GA area locations after having Dun & Bradstreet Corporation downgrade its credit rating to a four the lowest rating in its system. The stores had only been open nine months but the operators said that the inability to open more stores quickly doomed the chain. Kuester’s Do-It-Center (812-422-3293) closed its location at Village West Shopping Center in Owensboro KY. The home improvement chain now operates four stores in the Evansville IN market. Footstar Inc. (201-934-2000) will accelerate the closing of up to 60 stores in its athletic segment. The closures will include up to 55 mall-based Footaction stores and up to five Just For Feet superstores. The company will focus on strip center and freestanding locations for its Footaction concept and on its smaller prototype for its Just For Feet concept. The company operates 544 locations nationwide. J.C. Penney (972-431-1601) will close its 123 000 sq.ft. anchor location at the Mall of Memphis in Memphis TN. The department store will close in late November. The center’s other anchor Dillard’s will close its stores by the end of this month. J.C. Penney will operate two stores in the Memphis market an anchor at Wolfchase Galleria and an outlet store at Raleigh Springs Mall. Tower Records (916-373-2500) closed its flagship Toronto Canada location marking the company’s closing of Canadian operations. The store located on Yonge Street near the Eaton Centre was closed due to under performance. The company will also close stores in East Lansing MI and Boston MA. The company operates 179 stores in the U.S. Dillard’s (501-376-5200) will close its locations at the Mall of Memphis in Memphis TN and at the St. Louis Centre in St. Louis MO. The Memphis store will close by the end of this month. The company operates 342 stores in 29 states. Planet Hollywood Inc. (407-363-7827) closed five units in an attempt to regain some profitability. The company closed its Nashville TN location. The unit is located on Broadway and opened in 1996. The movie-themed restaurant chain will also close its Atlanta GA (located at the intersection of Peachtree Street and International Boulevard) Baltimore MD (at Pratt Street Pavilion at Harborplace) Seattle WA and San Diego CA locations. The company has emerged from chapter 11 bankruptcy protection in August 1999 but has closed 30 units since May. Phar-Mor Inc. (330-746-6641) will close approximately 65 of its 139 stores within the next weeks. The drugstore chain has filed for chapter 11 bankruptcy protection and will not close stores in northeast OH or western PA. Dairy Mart (330-342-6600) filed for chapter 11 bankruptcy protection. The company does not expect immediate closings or layoffs. The convenience store chain operates 550 locations in KY IN MI NC OH PA and TN. The company is seeking court approval for a $46 million debtor-in-possession agreement with Foothill Capital Corporation.Earl Schieb Inc. (310-652-4880) will close up to 41 stores over the next three years. The paint and body service centers are targeting locations in single-shop markets and where seasonal weather adversely impacts operating results. The company plans 16 closures before the end of the year. Quality Food Centers (425-455-3761) closed its 19 000 sq.ft. location at Lake Hills Shopping Center in East Bellevue WA. The company will open a 35 000 sq.ft. store located on 145th Place Southeast less than a mile from the Lake Hills Center. Harry’s Farmers’ Market Inc. (770-667-8878) closed its Harry in a Hurry market located on Dunwoody Village Parkway in Dunwoody GA. The company sold its three Farmer’s Market superstores to Whole Foods in August but the six Harry in a Hurry stores were not included.Hancock Fabrics (662-842-2834) will close its location at Cameron Village Shopping Center in Raleigh NC. The company will open a store in the former Heilig-Meyers space at Holly Park Shopping Center located on Wake Forest Road in Raleigh NC. The new location will be twice the size of the Cameron Village location.McCrory Inc. (717-699-4008) filed for chapter 11 protection for the second time in nine years. The 200-unit chain operates discount stores under the banners McCrory Dollar Zone G.C. Murphy J.J. Newberry and TG&Y. The company operates primarily in the northeastern states as well as AZ CA NM OR TX and WA. McCrory Inc. will close its store at Capitol Plaza in Ewing NJ. Alladin Resort & Casino (702-785-5555) filed for chapter 11 bankruptcy protection. The filing will not effect the Desert Passage shopping complex developed by TrizecHahn Development. |