“It is important for you to accept that Goody’s is not activity out of business,” Chief Controlling Paul White wrote in an accessible letter to barter acquaint on the aggregation Web page, area the aggregation appear it will abutting added than a division of its locations.
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“While we apprehend the majority of our food will abide accessible and will abide to accomplish afterwards interruption, we plan to abutting some locations over the advancing weeks,” he wrote.
The aggregation articular 69 food it will abutting — in 18 of the 20 states area Goody’s operates. Best of these will abutting in the states area Goody’s has 30 or added food anniversary — North Carolina, Georgia, Alabama and Tennessee. That includes all three Goody’s in Chattanooga, and bristles of six Goody’s in Florida.
The aggregation couldn’t anon say how abounding of its 12,000 advisers will lose their jobs.
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The aggregation said it was filing a autonomous abode for about-face beneath Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware, area the aggregation is registered.
The filing comes beneath than three years afterwards accumulated namesake and again chairman-CEO Robert Goodfriend accepted a $327 actor buyout by New York advance firms Prentice Basic Management and GMM Basic to booty clandestine the aggregation founded by his ancestor as an Athens, Tenn., aperture abundance in 1953.
Today, Goody’s operates 355 food beyond the South and Midwest. In January, the alternation appear layoffs of 25 of its 500 advisers at its accumulated abode in Knoxville.
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The aggregation said it absitively to book for Chapter 11 afterwards reviewing alternatives to abode “pressures from abbreviating acclaim markets, ache on commodity breeze and a ample but abandoned cardinal of underperforming food in the chain.”
“The accommodation to abutting a ample cardinal of food and added consolidate operations was a difficult one and we affliction the appulse that this will accept on some of our employees,” White said in a statement. “However, we accept these are all-important accomplish as we assignment to advance the business and acknowledgment to profitability.”
White was assassin in March from Wisconsin-based ShopKo. He succeeded Chuck Turlinksi, a above CEO of The Limited, who lasted with Goody’s about a year.
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“My faculty is that they apparently got awkward a little bit by the Targets and the Wal-Marts and the Kohl’s,” said Cole Piper, an controlling in abode at the University of Tennessee Business School.
“Goody’s for a continued time had a actual acceptable strategy. They went into the second- and third-tier markets, and they appealing abundant had the markets to themselves. Again with the expansions of Wal-Mart (and others), there was aloof added competition.”
Competition alloyed with a arrest in the economy, the
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