The Oregon retailing icon, bought by the equity firm Gryphon Investors of San Francisco in 2007, has no immediate plans for layoffs and will cover its 1,600 employees’ salaries and benefits through a potential sale, said John Mangan, a Joe’s spokesman.
Mangan said he was unaware of any potential buyers or discussions.
“This filing gives us time to continue to operate all of (Joe’s) 30 stores while it can work on options,” Mangan said of the sporting goods chain, which operates in Oregon, Washington and Idaho. The company said the $50 million it recently secured in debtor-in-possession financing also could help on that front.
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Announcements So Far
Bankruptcies and Liquidations:
- Jan. 7, Goody’s liquidates, closing 287 stores
- Jan. 8, Against All Odds files for bankruptcy protection, operates 64 stores overall, plans to close West Coast stores
- Jan. 13, Shane Co. files for bankruptcy, operates 23 stores
- Jan. 14, Gottschalks files for bankruptcy, operates 58 stores
- Jan. 16, Circuit City to Liquidate, closing 567 stores
- Feb. 6, Fortunoff, operates 20 stores
- Feb. 6, Bruno’s, operates 66 stores
- Feb. 12, S&K Famous Brands, operates 136 stores; Update: Feb. 19, plans to close 30.
- Feb. 17, Innovation Luggage, operates 10 stores
- Feb. 23, Ritz Camera, operates about 1,000 stores
- March 6, Joe’s Sports & Outdoor, operates 30 stores
Potential Bankruptcies & Liquidation Impact: 884 confirmed closures out of about 2,261 stores
Announced Closings
- Jan. 8, New York & Co., 50 stores
- Jan. 8, Macy’s, 11 stores
- Jan. 9, Supervalu, 50 stores
- Jan. 13, Cost Plus, 26 stores
- Jan. 20, Yankee Candle, 28 Illuminations stores
- Jan. 21, Filene’s Basement, 11 stores
- Jan. 22, Phillips-Van Heusen, 175 stores
- Jan 22, Brown Shoe, up to 35 Famous Footwear stores
- Jan. 26, Home Depot, 48 stores
- Jan. 29, Starbucks, 200 U.S. Stores (plus 100 international)
- Jan. 29, Chico’s, up to 25 stores
- Feb. 9, Talbots, 20 stores
- Feb. 24, Jimmy’Z, 11 stores
- Feb. 24, Z. Gallerie, 25 stores
- Feb. 25, Zale Corp., 115 stores
- Feb. 27, Sears, 44 stores
- March 3, Virgin Megastores, 6 stores
Total Closings: up to 880 U.S. stores
Potential Impact of All Announcements to Date: 1,764 closures out of up to 3,141 potentially affected U.S. stores