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BRIEFLY

Retailing

September 03, 1993|From Times Staff and Wire Reports

Sprouse-Reitz to Close Some Stores: The retailer said it has a preliminary agreement with major creditors to pay off some of its debts through store closings and asset sales. The Portland, Ore.-based retailer plans to sell 73 of its 153 stores. Sprouse-Reitz Stores Inc. has 68 stores in California, and 27 of those--including its one store in Los Angeles--are to be closed under the plan. The company, which also has stores in Orange and San Diego counties, has not released a full list of stores to be closed. Sprouse-Reitz is also seeking a buyer for the 84 stores that will remain. It will ask unsecured creditors and shareholders to approve the move before formally presenting the plan under a Chapter 11 bankruptcy filing.

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