Friedman's to Close 165 Stores
Staff -- JCK-Jewelers Circular Keystone, 4/1/2005
As part of its Chapter 11 reorganization, Friedman's will close up to 165 stores in 17 states and sell in excess of $25 million of inventory. When finished, Friedman's will operate approximately 481 stores in 20 states.
The decision to close the 165 stores—nearly one quarter of its total—followed a review of its store operations, said Sam Cusano, president and CEO, Friedman's Inc., and is subject to court approval.
"We evaluated our store operations, including each store's historical operating results; recent performance during the 2004 holiday selling season; the age, location, physical condition, and operating lease for each store; each store's credit and collection performance; regional economic factors; and infrastructure costs to service these stores," Cusano said.
The company noted the stores will operate until all merchandise is sold and remain open as usual while the company prepares for inventory disposition sales, set for March.
