S&K Men's Store Selling off Stock, Closing

The Washington Times (Washington, DC), May 22, 2009 | Go to article overview

S&K Men's Store Selling off Stock, Closing


Byline: John P. Krudy, THE WASHINGTON TIMES

S&K Famous Brands Inc., which operates 105 discount menswear stores in 26 states, is liquidating its suits and shoes and closing its doors - the latest retail victim of the economic downturn.

The Richmond company, founded in 1967, employs about 750 workers and owns nearly two dozen locations in Maryland and Virginia.

It became a death spiral of low inventory equaled lower sales equaled making it harder to get inventory, said Jonathon Tibus, who has been managing the privately held company since his law firm, Alvarez and Marsal, was hired last fall to help S&K find a buyer. Mr. Tibus said he could not find a buyer or financing for the company, so bankruptcy became the only option.

We had an asset base where we thought we could pay off our senior secured debt and set the stage for a potential recovery, Mr. Tibus said. But we ran out of money, ran out of time to find a buyer.

Jeffrey N. Pomerantz, an attorney representing a court-designated committee of S&K's unsecured creditors, thinks the company ran into the same problems retailers are encountering across the country.

Because of the restraints that have been put up by lenders, they couldn't get debt or equity financing, Mr. Pomerantz said. The company was profitable until the mid-2000s, but it's no secret what's happening. …

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