The 282-store chain successfully reorganized in October after filing for Chapter 11 bankruptcy protection in June.
For past BNET stories about Goody's troubles, click here.
Analysts say the mega discounts of the past few months may have altered consumers' psyches: Shoppers may be more hesitant to splurge on items they are used to getting for half price. "It's a vicious cycle that on one wants to continue," says Gilbert Harrison, chairman of Financo Inc., an investment banking firm specializing in retail.[Source: Yahoo Finance]Mc Millon named CEO of Wal-Mart International -- Wal-Mart Stores Inc. 7 that Doug Mc Millon will soon assume the role of president and CEO of Wall, the retailer's second largest operating segment.Mc Millon, currently president and CEO of Sam's Club, will report to future CEO Mike Duke; both men will take over their new duties Feb. Mc Millon began his career with the chain 18 years ago as an hourly associate who unloaded trucks.Borders announces new CEO -- Following a disappointing season in which holiday sales fell 12 percent, Borders Group Inc.is looking to shake up its strategy, starting with the hire of new CEO Ron Marshall.
The veteran retail executive who once worked at rival bookstore chain Barnes & Noble succeeds George Jones; his appointment is paired with the hire of three other senior execs.
"Progress has been made by Borders Group over recent quarters within the challenging economy to reduce debt, improve cash flow, cut expenses, enhance inventory productivity, and improve margins, but it is imperative that the company more aggressively attack these initiatives to address its long-term future," chairman Larry Pollock says.
[Source: internetretailer]Goody's to liquidate -- No longer able to keep its head above water after a tough holiday season, Goody's Family Clothing Inc.
is liquidating operations, becoming the first big chain to go under in 2009.
The company was unable to restructure terms with its creditors and is in the process of seeking bids to liquidate its inventory and additional assets, said Cathy Hershcopf, bankruptcy attorney at law firm Cooley Godward Kronish .
"They weren't as capitalized as they needed to be to weather this economic storm," she said.