National Stores, which operates the Fallas and Factory 2-U discount stores, will begin a store closing sale at 184 of the company’s remaining locations as part of bankruptcy proceedings.
The store closing sales are being conducted by a joint venture consisting of Hilco Merchant Resources, Gordon Brothers and SB360 Capital Partners. The specific stores that will be closing are currently branded as Fallas and Factory 2-U stores across 12 states and Puerto Rico. The store closing process is the result of the Chapter 11 Bankruptcy filing by National Stores Inc. and certain of its affiliates. As part of the restructuring, management at the retail chain has conducted a store rationalization process resulting in the shutdown of these specific stores.
A spokesperson for the joint venture said, “These stores are well known in the local markets where they have served their communities for years. The sale provides an opportunity for consumers to buy products at compelling discounts. Consumers are encouraged to shop early, stock up on school uniforms and get a head start on holiday shopping while selections are best.”
The retail chain is known for its value-priced clothing which often sells below $10 to $20. The retail chain, in its bankruptcy documents filed on August 6 in U.S. Bankruptcy Court in Delaware, showed $111.4 million in liabilities.
