C&R DRIVEN INTO BANKRUPTCY : MENS WEARHOUSE TO PURCHASE RIVAL'S STORES, INVENTORY; DEAL AWAITS COURT OK.Byline: Deborah Deborah (dĕb`ōrə), in the Bible, prophetess and judge of Israel, the only woman to hold that office. Under her guidance Barak conquered Sisera and delivered Israel from the oppression of the Canaanite King Jabin. Adamson “Adamson” redirects here. For other uses, see Adamson (disambiguation).
The Adamson was an English car manufactured in Enfield, Middlesex, from 1912 to 1925. Daily News Staff Writer C&R Clothiers, the men's clothing chain, filed for Chapter 11 bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most Wednesday and expects to sell most of its stores to The Mens Wearhouse, a major competitor. Culver cul·ver n. A dove or pigeon. [Middle English, from Old English culufre, from Vulgar Latin *columbra, from Latin columbula, diminutive of columba, dove.] City-based C&R will sell up to 19 out of 24 stores to The Mens Wearhouse, based in Fremont, Calif. The remaining five outlets will be closed. Officials declined to identify locations to be closed. The Mens Wearhouse also will take over C&R's distribution center in Culver City Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. and buy its inventory for an estimated $13.5 million. C&R - with area locations in Glendale, Northridge, Woodland Hills, Lancaster and Oxnard - had 61 stores at one time. This is its second, and likely its last trip, to the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . Most of C&R's 300 employees are expected to be retained, officials said. The purchase awaits court approval. ``Competitive conditions in the marketplace as well as the soft retail economic environment have made things more difficult,'' said C&R spokesman David Levene. The retail industry in general has too many stores to support the demand, said Pamela Rucker, spokeswoman for the National Retail Federation in Washington. ``The menswear mens·wear also men's wear n. Clothing for men. menswear Noun clothing for men menswear n → confección f de caballero industry has not been immune to overstoring,'' she said. C&R faced another threat when The Mens Wearhouse, known for its aggressive marketing, came into Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. three years ago. ``Mens Wearhouse is a formidable competitor,'' Levene acknowledged. ``They have entered the Los Angeles market in a substantial way and plan to expand their presence with the acquisition of C&R stores.'' The Mens Wearhouse will operate the acquired C&R stores under a new division called Value Priced Clothing Inc. The acquired stores will retain the name C&R and will concentrate on selling lower-priced men's clothes and accessories. Neil Dinerman, president of C&R, will become president of the division. ``This transaction would provide us the opportunity to quickly begin operating a new, opening price point concept and penetrate a different segment of the discount men's apparel market,'' said David Edwab, chief operating and financial officer for The Mens Wearhouse. The Mens Wearhouse said the purchase will not affect its expansion plans of 45 to 50 stores a year nationwide in fiscal 1996 and 1997. It also will expand the number of C&R stores as well. The Mens Wearhouse has 33 stores in the Los Angeles area and a total of 315 locations in 32 states. |
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