Forman Mills Seeking Buyer

Forman Mills searches for buyer, warns of potential bankruptcy and store closures

South Jersey discount retailer Forman Mills has warned that it will likely file for Chapter 11 bankruptcy protection if it cannot find a buyer, causing the company to close stores and lay off hundreds of employees over the next two months. 

The Pennsauken-based retailer is currently trying to finalize a sale “as a going concern,” according to a letter penned by CFO Kevin Hess and filed with the Pennsylvania Department of Labor and Industry on June 12. If it does not find a buyer, Forman Mills expects to file for Chapter 11 bankruptcy protection and begin closing stores, including seven in Eastern Pennsylvania. 

*Article courtesy of Philadelphia Business Journal

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