Z Gallerie, Ultra File for BankruptcyZ Gallerie, Ultra File for Bankruptcy
April 13, 2009
Two more retailers filed for bankruptcy. Ultra Stores--with 181 locations--and Z Gallerie.
Z Gallerie Inc., a Gardena, Calif.-based home decor retailer with two stores in Dallas, filed for Chapter 11 bankruptcy Friday.
The privately held chain said it voluntarily filed to remove its liability from leases and to strengthen its balance sheet.
Last month, it closed a distribution center in Atlanta and 21 stores, leaving several markets. A spokesman said there are no plans to close its seven Texas stores.
Z Gallerie operates 56 stores in 18 states.
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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, Update: March 31, Gottschalks will liquidate
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; Update, April 6, closing 300 camera stores and 120 Boater's World stores
March 6, Joe's Sports & Outdoor, operates 30 stores
March 25, Bi-Lo, operates 215 stores
April 13, Z Gallerie, operates 56 stores
April 13, Ultra Stores, operates 181 stores
Potential Bankruptcies & Liquidation Impact: 1,362 confirmed closures out of about 2,713 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. 26, Gap, 50 net closings
Feb. 27, Sears, 44 stores
March 3, Virgin Megastores, 6 stores
March 6, Ann Taylor, 37 stores in 2009, 163 total by end of 2010
March 18, Drug Fair, 11 stores
March 23, Pier 1, 80 stores
April 3, Rite Aid, 117 stores
Total Closings: up to 1,175 U.S. stores
Potential Impact of All Announcements to Date: 2,537 closures out of up to 3,888 potentially affected U.S. stores
