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Business in the Burbs

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Archive for the 'Bankruptcy' Category

Marty’s Shoes to close stores


Marty’s Shoes, a discount retailer based in Secaucus, N.J., expects to close all of its 47 stores as part of a bankruptcy reorganization, according to the Associated Press.

In the lower Hudson Valley, the company operates three stores in Nanuet, White Plains and Scarsdale. The store closings are expected to happen by the end of October.

The 34-year-old company, which filed for Chapter 11 bankruptcy on Friday, blamed its problems on tough economic times, excess inventory and a poorly executed change of management in 2006, according to bankrupcty documents, the AP reported.

Employees at the area stores referred questions to the company’s corporate offices. Officials at the corporate offices could not be reached for comment.

Growing economic pressures could lead as many as 7,000 stores to close nationally this year in all retail categories, up from 5,500 closings last year, according to retail consultant Howard Davidowitz.

The retail shakeout has already claimed other casualties. In May, the holding company that operates Linens ‘n Things housewares stores filed for bankruptcy protection and said it plans to close 120 underperforming stores, including those in Mohegan Lake and Greenburgh.

Posted by Jay Loomis on Wednesday, September 17th, 2008 at 11:56 am |
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Linens ‘n Things to close Port Chester store


The Linens ‘n Things store in Port Chester is among 57 underperforming stores the struggling retailer will close as part of its reorganization, Linens Holding Co. said yesterday.

The number of stores slated for closure is 30 less than the 87 the  Clifton, N.J.-based retailer previously disclosed as part of its ongoing restructuring, it said.

The company filed for Chapter 11 bankruptcy protection in May.

“The reduced number of store closings is the result of improvements in the outlook for these stores throughout the remainder of 2008 into 2009,” Michael F. Gries, chief restructuring officer and interim chief executive, said in a written statement.

In the Lower Hudson Valley, the company also operates stores in New Rochelle and Brewster.

The fate of the workers at the Port Chester store wasn’t immediately known.

Posted by David Schepp on Tuesday, July 29th, 2008 at 4:43 pm |
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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.


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