Goody's To Liquidate Months After Ch. 11 Emergence

Law360, New York (January 6, 2009, 12:00 AM EST) -- Less than three months after emerging from Chapter 11, clothing retailer Goody's Family Clothing Inc. has become the first major retail casualty of 2009 as it plans to liquidate its remaining assets.

The company has exhausted all ideas to find ways to fund its financial needs, CEO Paul White said in a memo leaked Tuesday to Tennessee news Web site

White blamed overwhelming financial strain and a difficult economic environment for retailers for a failure to obtain additional financing. The decision to liquidate was made...
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