Money world

The S&K Men’s Warehouse at Rivercity Market Place is one of the 30 stores in the chain that will shut its doors as part of the parent company’s Chapter 11 reorganization bankruptcy.

Less than a month after the Feb. 9 filing, Richmond, Va.-based S&K Famous Brands Inc. and Hilco Merchant Resources LLC have started liquidating the merchandise at 22 percent of its 136 stores. The other two Florida closings are in Tallahassee and near Bradenton. Stores will also close in Alabama, Illinois, Indiana, Louisiana, Michigan, Mississippi, North Carolina, New York, Ohio, South Carolina, Tennessee and Virginia.

S&K, a menswear retailer operating in 23 states in the eastern U.S., offers tailored and non-tailored collections as well as tuxedo rentals. In the last year the company expanded to include sportswear, jeans and dress-casual shirts and introduced new designer collections paydayloans.

S&K has negotiated $13 million debtor-in-possession financing from Wells Fargo Retail Finance to fund its working capital requirements during the Chapter 11 process.

“Our first priority is to reduce debt and recapitalize the company as quickly as possible,” said company President and CEO Joseph Oliver.

In addition to the store closings, Oliver said the company is reducing operating costs and introducing new merchandise to attract a new generation of shoppers.

“Our goal is for this process to be the final step towards building a specialty retail chain that can prosper in the future,” Oliver said.

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