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January 16, 2002

USA: Jacobson Shuts Stores, Files For Bankruptcy Protection

Troubled specialty apparel retailer Jacobson Stores Inc on Tuesday filed for Chapter 11 bankruptcy protection and announced it was closing five stores with the loss of around 520 jobs. The closures, which are subject to the approval of a bankruptcy judge, would leave the firm with 18 stores and come just weeks after the company axed 225 of its 4,100 employees and reported a third-quarter net loss of $13.9 million.

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