US: S&K Menswear to close 30 stores
One month after it filed for Chapter 11 bankruptcy protection, S&K Famous Brands is closing 30 of its 136 S&K Menswear stores.
The store closures are being managed by Hilco Merchant Resources, which is selling inventory including newly arrived merchandise, at discounts of 30- 50% off original prices.
Store fixtures and equipment are also available for sale.
The men's wear retailer filed for Chapter 11 bankruptcy protection on 10 February, and is currently working on a reorganisation plan laid out last July.
Joseph A Oliver III, president and CEO, said at the time: "Our first priority is to reduce debt and recapitalise the company as quickly as possible."
To fund its operations during the reorganisation process, the company has negotiated US$13.0m debtor-in-possession (DIP) financing.
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