One Price Clothing Stores Announces Layoffs and Plans Designed to Maximize

[UpInArms]

http://biz.yahoo.com/prnews/040216/clm045_1.html

DUNCAN, S.C., Feb. 16 /PRNewswire-FirstCall/ -- One Price Clothing Stores, Inc. (OTC Bulletin Board: ONPR - News), today announced that, subject to final approval of the Bankruptcy Court, it will be proceeding to sell assets in order to maximize the return to its stakeholders and that, as part of the bankruptcy, it had been forced to lay off approximately 200 people at its Home Office and Distribution Center in Duncan, South Carolina last Friday.

<snip>

Mr. Disa added: "We are greatly saddened that despite all our efforts and the support of our majority shareholder, we were required to lay off approximately 200 people in our Home Office and Distribution Center located in Duncan, South Carolina last Friday due to the liquidating nature of this Chapter 11 and the absence of financial resources to sustain the business going forward. Obviously, further layoffs will follow as the Company proceeds to liquidate. Fortunately, the associates 401-K plans are fully protected as separate trust assets and all associates will be able to continue their health benefits by paying in to COBRA while the plan continues. We wish to thank our approximately 3,000 associates, who have served loyally and with dedication over the years. We will do all we can to assist associates being laid off subject to the constraints of our severely limited resources and the guidelines of the Bankruptcy Court and Creditors Committee."

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[54anickel]

1. Seems like retailers have been getting hit quite a bit lately. I haven't

paid that much attention, but I remember Wilson Leather, ToysRUs, KBToys, that one with the big bronze bear Faz-something? I think there were more than that as well.

I don't think this is usually a good sign for a recovery, is it? :eyes: