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Closings and Financial Woes
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Closings and Financial Woes Ames Department Stores (860-257-5379) will close 47 stores and has filed for chapter 11 bankruptcy protection. The store was under bankruptcy protection in 1991 after acquring too much debt from its acqusition of Zayre stores but emerged in 1992. The company will operate 405 stores after the closures. Among the stores to be closed are those located at: Linden Corners in Buffalo NY; Indian Mound Mall in Heath OH; on Romig Road in Akron OH; Atlantic Boulevard in Canton OH and on Lincoln Way East in Massillon OH. The affected stores are in 10 markets with 15 in OH and 12 in PA. The company has two debtor-in-possession financing agreements with GE Capital and Kimco Funding that with court approval will allow the company to continue operations. White’s Fresh Foods Inc. (423-926-0779) filed for chapter 11 bankruptcy protection and will seek a $3 million refinancing agreement with GE Capital Business Credit to meet payroll and pay suppliers. The 18-unit chain operates supermarkets in TN and VA.AutoZone Inc. (901-495-6500) will close between 30 and 60 stores as part of a restructuring plan.Bill Knapp’s Restaurants (616-968-1121) closed its location on State Route 41 near the Upper Valley Mall in Springfield OH. The casual family restaurant had been open since 1977. The 68-unit chain operates in MI and OH. J. Baker Inc. (781-828-9300) received bankruptcy court approval to close 80 Casual Male Big & Tall stores. The company operates 670 stores including 459 Casual Male units specializing in sportswear for extra-sized men. Newport Creamery (401-847-0390) will close at least four of its stores after the summer season. The chain will operate 30 stores in CT MA and RI. The company plans a new store in Johnston RI. The company filed for chapter 11 bankruptcy protection in June.Saks Inc. (205-940-4000) will close its Younkers Department Store in Appleton WI. The store located on College Avenue is scheduled to close in January 2002 when its lease expires. The chain’s Fox River Mall location will remain open. Another store in metropolitan Green Bay is expected to open in 2003. The company operates 51 Younkers stores throughout the midwestern states. CSK Auto Corp. (602-265-9200) will close 36 stores in a restructuring aimed at lowering debt. The company operates 1 145 stores under the Checker Auto Parts Schuck’s Auto Supply and Kragen Auto Parts brands. Dairy Mart Convenience Stores Inc. (330-342-6600) plans to sell or close 200 stores. The chain currently operates 546 stores in seven states. The Limited (614-415-7000) will close its store at the Galleria Mall in Cleveland OH. Express and Victoria’s Secret are also shuttering its stores at the center. The downtown center has an occupancy factor below 66% and the center is listed for sale by The Jacobs Group.Little Rock Apparel (501-753-1086) will close its Puff’s $12 Zoo location at Judson Plaza in Longview TX. The company has decided to "head in a different direction" with its retail operations. The center is located on Judson Road. The company operates 14 Puff’s $12 Zoo stores and two locations under the Wearhouse brand in AR and TX.
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