Harold’s Stores Files for Bankruptcy
Dallas The latest victim of a troubled economic climate, Harold’s Stores filed for Chapter 11 bankruptcy protection on Nov. 7.
The high-end clothing chain operates 43 stores in 19 states, as well as an e-commerce operation. Although most locations will remain open while the company develops a plan for financial reorganization, The Dallas Morning News reported Saturday that liquidation sales have begun at all of its stores.
In the story, Harold’s chief executive Ron Staffieri is said to have told employees on Friday that a few stores may remain open after the liquidation, but the company is proceeding toward liquidation of all inventory.
The company is also not accepting online orders, according to its Web site.
In September, the company announced that it had secured $1.8 million from Ronus, Inc., a private-investment firm based in Atlanta. At the time, Staffieri said the loan would contribute to the company’s daily working capital, and allow the retailer to move forward with strategic initiatives to enhance merchandise content and the overall consumer experience.