Bankrupt men's apparel retailer, S&K Famous Brands, has commenced liquidation sales at all of its remaining 105 stores, which are located in 26 states. Jonathan Tibus, the company's chief restructuring officer said, "In spite of our best efforts, the current economic climate left us with no choice but to close down the business."
This announcement follows S&K's decision in March to close and liquidate 30 of its stores. While that liquidation effort was managed by Hilco Merchant Resources, this round of liquidation is being run by Gordon Brothers Group.
According to CoStar Tenant, the typical S&K Menswear store is 3,000 to 4,000 square feet.
Published Mar. 13, 2009:
S&K Liquidating 30 Stores; Hilco Managing Liquidation
S&K Menswear announced on March. 12th that it commenced liquidation procedures at 30 stores in 13 states. Hilco Merchant Resources is managing the liquidation. According to CoStar Tenant, the stores S&K is closing average approximately 4,000 square feet each.
Once these stores are closed, the retailer will be left with 106 stores in the chain.
The 30 stores being closed are located at:
- Mobile Festival Centre, 3725 Airport Boulevard, Mobile, AL
- Wildwood North, 130 Wildwood Parkway, Homewood, AL
- Colonial Promenade Tutwiler Farm, 1644 Gadsden Highway, Trussville, AL
- University Mall, 1701 McFarland Boulevard East, Tuscaloosa, AL
- Prime Outlets at Ellenton, 5253 Factory Shops Boulevard, Ellenton, FL
- Governor's Square Mall, 1500 Apalachee Parkway, Tallahassee, FL
- River City Marketplace, 13221 City Station Drive, Jacksonville, FL
- Prime Outlets at Huntley, 11800 Factory Shops Boulevard, Huntley, IL
- Northwestern Place, 4701 North University, Peoria, IL
- Glenbrook Commons, 4122 Northrup Street, Fort Wayne, IN
- University Park Mall, 6501 Grape Rd., Mishawaka, IN
- Pecanland Mall, 4700 Milhaven Road, Monroe, LA
- Jackson Crossing, 1210 Jackson Crossing Avenue, Jackson, MI
- Ridgewood Court, 6380-B Ridgewood Court Drive, Jackson, MS
- Southlake Center, 125 Goodman Road West, Southaven, MS
- Turtle Creek Mall, 1000 Turtle Creek Drive, Hattiesburg, MS
- Shoppes at University Place, 9015-5 JM Keynes Drive, Charlotte, NC
- The Mall at Greece Ridge, 482 Greece Ridge Center Drive, Rochester, NY
- Clifton Park Center, 22 Clifton Park Rd., Clifton Park, NY
- Eastern Hills Mall, 4545 Transit Road, Williamsville, NY
- Easton Market, 3701 Easton Market, Columbus, OH
- Tuttle Crossing Shopping Center, 5830 Britton Parkway, Columbus, OH
- Polaris Towne Center, 1311 Polaris Parkway, Columbus, OH
- Prime Outlets at Gaffney, 830 Factory Shops Boulevard, Gaffney, SC
- Tanger Outlet Center, 10827 Kings Road, Myrtle Beach, SC
- Coastal Grand, 1040 Coastal Grand Circle, Myrtle Beach, SC
- Wolfchase Galleria, 2760 N. Germantown Parkway, Memphis, TN
- Hilltop North Shopping Center, 706 Hilltop North Shopping Center, Virginia Beach, VA
- Crossroads at Chesapeake Square, 4107 Portsmouth Blvd., Chesapeake, VA
- Regency Square, 1404 North Parham Road, Richmond, VA
Original Story Published 2/10/09:
Richmond, VA-based S&K Famous Brands (dba S&K Menswear) filed Chapter 11 on Feb. 9, 2009. The value-priced mens apparel retailer cited a liquidity crisis and operational losses tied to tightened credit issues and slower consumer spending as the primary factors driving its filing. S&K listed $41.4 million in assets and $35.5 million in liabilities in the filing. The company employs nearly 1,100 full-time and part-time staff.
The company hopes to cut its debt and emerge from bankruptcy with reduced operating costs, creating a stronger platform. It has secured a $13 million debtor-in-possession facility to continue operating throughout the bankruptcy process. As part of this financing, the company is required to close on the sale of its 209,000-square-foot headquarters building in Glen Allen, VA by mid-May for $5.5 million.
S&K was granted the right to break lease agreements at stores already closed. As of July 25, 2008, the retailer operated 219 stores in 26 states; but by the end of January 2009, it had closed 79 stores, whittling the chain down to 136 stores. The company does plan to close an unspecified number of additional underperforming stores. According to CoStar Tenant, the typical S&K Menswear store is 3,000 to 4,000 square feet.
This story appears in CoStar's Retail News Roundup: Feb. 8 to 14, 2009, a weekly column by CoStar senior news editor Sasha Pardy on Retailer Expansion Plans, New Developments, Acquisitions/Mergers/Sales, Closings, Cutbacks and Bankruptcies, Personnel Anouncements, Sustainability and more…
This week in the Retail Roundup, CoStar reports on expansions or new concepts at Baskin-Robbins, Cold Stone and Tim Hortons, Burger King and McDonalds, Office Max, CVS, and Dollar Tree; new retail development news in OH and ID; acquisition, merger, loan or sale activity at DDR, Kohl's, Jaffe Companies, and BP; closings, cutbacks or bankruptcies at S&K Menswear, Pier One, Talbot's, Bruno's Supermarkets, Fortunoff, Snyder Drug Stores, TD Bank, Sonic and Liberty Travel, Against All Odds, The Shane Company, Williams-Sonoma, Brown Shoe, Brinker Restaurants, Black Angus Steakhouses, Blue Tulip, and more; personnel announcements at Regency Centers; sustainability at Simon Property Group, Wal-Mart; and more.