Currently working through a Chapter 11 restructuring process, the retailer today let go some 29 employees from its home office and distribution center.
Amid rumors that more store closings are on tap, the 175-store Torrance-based chain is going through what insiders are characterizing as "normal bankruptcy machinations" as they ready their reorganization plan for a June 9 court date.
The company and senior lender Congress Financial had just recently received court approval for over $40 million in DIP (debtor in possession) financing. The current round of layoffs included 18 people from the home office, mostly from the purchasing staff, most notably 15-year vet Matt Bailey, who had most recently been serving as genre buyer.
DANIEL NIGRO:
CRACKING THE CODE The co-writer-producer of the moment, in his own words (12/12a)
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NOW WHAT?
We have no fucking idea.
COUNTRY'S NEWEST DISRUPTOR
Three chords and some truth you may not be ready for.
AI IS ALREADY EATING YOUR LUNCH
The kids can tell the difference... for now.
WHO'S BUYING THE DRINKS?
That's what we'd like to know.
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