Forman Mills, the off-price retailer based in Pennsauken Township, NJ, agreed to be purchased by New York-based discount retailer Shoppers World.
According to the Philadelphia Business Journal, Shoppers World plans to keep its 43 Forman Mills locations open. Forman Mills’ stores are in Pennsylvania, Maryland, New Jersey, Illinois, Ohio, Michigan, Wisconsin, Delaware, and New York. The retailer was acquired by private equity firm Goode Partners in 2016.
Shoppers World, a similar off-pricer, operates 37 stores in New York, New Jersey, Indiana, Maryland, Virginia, Georgia, Michigan, Ohio, Illinois, and Texas.
The news of the pending sales comes after Forman Mills told the Pennsylvania Department of Labor & Industry that it was looking for a buyer. If it did not find one, it would file for bankruptcy and possibly close its stores; 245 people in Pennsylvania could be laid off at its stores in Lehigh, Montgomery, Philadelphia, and Delaware counties.
