US: Harold's Stores to close down
US apparel retailer Harold's Stores Inc is to cease operations after increased competition and a weak economy took their toll.
The 18-state chain, which sells to customers between the ages of 30 and 50, will now commence a Going-Out-of-Business sale throughout the US, managed by investment firm Gordon Brothers Group.
Yesterday, an Oklahoma bankruptcy court approved plans for the 60-year-old retail chain to begin its sale, with two stores to close in Alabama.
"Increased competition and a weak economy have left us no choice but to cease operations," said Ronald S Staffieri, chief executive officer of Harold's Stores.
In September just-style reported that Harold's had obtained a US$1.8m subordinated loan from Ronus Inc.
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