Martyâ€™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 companyâ€™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.
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