Lechters to Shut Stores, Liquidate
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Housewares chain Lechters Inc. said it would close all of its 315 stores after talks with a potential buyer ended without a deal and business conditions worsened.
Lechters filed for Chapter 11 bankruptcy protection in May after shuttering 166 stores.
The company will dispose of inventory at its Lechters and Famous Brands Housewares outlet stores through sales scheduled to start today and to run for 90 days. Lechters, which employs about 3,000 people, expects to keep much of its sales staff through that process. Shares of Harrison, N.J.-based Lechters fell half a cent to 3 cents in over-the-counter trading.
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