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Heilig-Meyers Will Close Namesake Stores

BRIEFLY / RETAILING

April 12, 2001|Bloomberg News

Heilig-Meyers Co. said it plans to close its remaining 375 namesake furniture stores, affecting as many as 3,750 jobs, and focus instead on its RoomStore outlets. The retailer is negotiating with a liquidation company to sell the remaining inventory at its namesake stores, aiming to close them sometime this summer. After that, the eight to 10 employees at each store will lose their jobs. Richmond, Va.-based Heilig-Meyers filed for bankruptcy in August and has closed 418 stores since then. The chain's 54 RoomStores are more profitable, targeting higher-income customers, an analyst said. The RoomStores sell furniture, lamps, artwork and other items and have annual sales of about $300 million, the company said. The stores are in Texas, Maryland and Washington, D.C.

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