cheapbag214s
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 Posted: Fri 16:08, 30 Aug 2013 Post subject: Sterling Shoes to close 53 stores as part of court |
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Sterling Shoes to close 53 stores as part of court,[link widoczny dla zalogowanych]
It had previously warned that store closures would be necessary to get Sterling back on its feet,[link widoczny dla zalogowanych], but the number of closures wasn't announced until Friday.
"Stores were selected for closing after extensive analysis and based on parameters established as part of the company's business strategy. Liquidation activity in the closing stores commenced on Dec. 9,[link widoczny dla zalogowanych], 2011,[link widoczny dla zalogowanych]," the company said.
Under liquidation,[link widoczny dla zalogowanych], retailers usually sell their merchandize at deep discounts to clear inventory from its stores and warehouses. They often also sell store equipment such as display cases,[link widoczny dla zalogowanych], decorations and office equipment.
Sterling has continued to operate under a federal law known as the Companies' Creditors Arrangement Act,[link widoczny dla zalogowanych], which is designed to give insolvent businesses a chance to survive after coming up with a court-approved business plan.
"The company believes that the restructured store portfolio is an integral and positive step towards building the foundation for future growth and re-establishing the company's long-term viability,[link widoczny dla zalogowanych]."
The company had gone through a growth spurt since 2005,[link widoczny dla zalogowanych], roughly doubling in size with the opening of approximately 75 new stores in the years following its debut as an income trust.
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