Goody's (store)

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Goody's Stores
Type Subsidiary
Industry Clothing
Founded
  • Original company: 1953
    (defunct 2009)
  • Current company: 2010
Headquarters South Hill, Virginia
Products Clothing, including trousers, shirts, shoes, and accessories.
Parent Stage Stores
Website http://www.stagestores.com
A Goody's Family Clothing store

Goody's is a brand used for some clothing stores operated by Stage Stores, Inc., of Houston, Texas. It is a successor to Goody's Family Clothing, a defunct chain of clothing retailers that was based in Knoxville, Tennessee. At one time Goody's Family Clothing operated close to 500 stores in the U.S South and Midwest, including Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, North Carolina, Oklahoma, Ohio, South Carolina, Tennessee, Texas, Virginia, and West Virginia. In January 2009 the company declared bankruptcy and announced that it would close. The last stores closed their doors for the final time on February 28, 2009. In July 2009, Stage Stores Inc. acquired the rights to the Goody's name. In 2010, Stage Stores Inc. reported to re-open Goody's stores and might continue to expand old locations nationwide. In late 2010, Goody's Family Clothing opened 17 new stores in the Southeast. However, there are plans to open or re-open some stores across the Midwest and Southeast in late 2011 and early 2012.

History[edit]

Goody's was founded in 1953 in Athens, Tennessee, by M.D. Goodfriend as an offshoot of a family retail business, The M. Goodfriend Store, that the founder's father, Mike Goodfriend, had started in Athens in 1913. The new store, Athens Outlet Store, focused on the sale of closeout, irregular, and previous-year merchandise. The business grew, operating 20 stores by 1970.[1]

In 1978, the name was changed to "Goody's". "Goody" was the college nickname of M.D. Goodfriend's son Bob, who had joined the family business in 1972. In 1979 Bob Goodfriend became president of the business and the company changed its merchandise focus from the outlet model to offering current, first-quality, brand-name merchandise.[1] With this new strategic direction, the chain expanded rapidly. A private-label clothing line was launched in 1993. By 1998 the chain recorded $1 billion in annual sales, and in 2000 it opened its 300th store. By 2004 there were more than 350 stores recording annual sales of $1.3 billion.[1] In 2006 Goody's became a privately held company again when it was acquired by GMM Capital and Prentice Capital Management in January 2006. Sales in 2006 totaled $1.6 billion.[2]

Signs posted on front windows stated out of business on January 09, 2009

On June 9, 2008, Goody's filed for Chapter 11 bankruptcy and announced that it would close 69 of its 355 stores.[2] The company emerged from Chapter 11 bankruptcy on October 20 of that year, but on January 2, 2009, Goody's filed for Chapter 7 bankruptcy and announced that it would liquidate all of its remaining stores.[1] Goody's was unable to survive due to slow holiday 2008 sales resulting in the final closure. Also, Goody's claimed it was unable to come to terms with its creditors, and the downturn in the U.S. economy was cited as undermining the company's ability to continue operating.[3][4]

A subsidiary of Stage Stores Inc. acquired the Goody's name in July 2009, and announced plans to re-open several former Goody's stores.[5] As of March 2010 Stage Stores has re-opened Goody's stores in a few states.

Exclusively at Goody's[edit]

Interior of a Goody's Family Clothing store

Several exclusive and private-label brands have been sold by Goody's. Duck Head, founded in 1865, became an exclusive Goody's brand in 2003.[6] Duck Head merchandise included glasses, jeans, shirts, and shoes. In 2007, Goody's and actress Ashley Judd launched a clothing line called "The Ashley Judd Collection", including sweaters, denim jeans and dress tops for women. Other lines included "Ivy Crew" and "Goodclothes".

References[edit]

  1. ^ a b c d Carly Harrington, Goody's legacy in Knoxville one of growth, charity, Knoxville News Sentinel, January 18, 2009, page C1
  2. ^ a b Carly Harrington, "Goody's to close 69 of its stores", Knoxvillebiz.com, June 10, 2008
  3. ^ "Goody's Family Clothing to liquidate stores", Chelsea Emery, Reuters, January 7, 2009 [1]
  4. ^ Dorfman, Brad (14 January 2009). "Retailers Gottschalks and Goody's file for bankruptcy". Reuters (Thomson Reuters). Retrieved 14 January 2009. 
  5. ^ Harrington, Carly (2009-07-09). "Goody's name, logo sold". Knoxville News Sentinel. Retrieved 2009-07-17. 
  6. ^ http://www.sec.gov/Archives/edgar/containers/fix069/879123/000095014403007435/g83231e8vk.htm

External links[edit]