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Regional & National

Report states Goody's may liquidate

January 6th, 2009 12:00 am by Staff Report

The Knoxville News-Sentinel is reporting that Goody's Family Clothing may be  on the verge of liquidation. The action following reports that the Knoxville retailer pleaded with suppliers last month for concessions to stay in business.

A Goody's executive told the New York Post that it asked creditors for  looser credit terms during the week of Christmas.

"They were asking for significant concessions in order to help them stay in business," the unidentified executive, who in turn decided to stop shipping merchandise to Goody's, told the Post in a story published Monday. "It was impossible to be on the call and not feel that the risk was substantial."

Goody's corporate office declined to comment.

The News-Sentinel's calls to auction liquidators Hilco Organization and Gordon Brothers Group also were not returned.

CLICK HERE for the full report.

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