Threadbare Goody's Clothing Files For Chapter 11

Law360, New York (June 9, 2008, 12:00 AM EDT) -- Retail woes claimed another victim Monday as the prominent regional brand-name clothing chain Goody's Family Clothing Inc. filed for Chapter 11 protection, having already closed numbers of its most unprofitable stores.

The filing in the U.S. Bankruptcy Court in Delaware said that the tightening credit markets, strained merchandise flow and underperforming stores have left the company with as many as 50,000 creditors, and estimated assets and debts in the range of $100 million to $500 million.

Goody's Holdings, Inc., a nondebtor entity, is the ultimate parent...
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