S&K Menswear Declares Chapter 11

S&K Famous Brands Inc., a menswear chain specializing in value-priced clothes, filed for Chapter 11 bankruptcy protection on Monday. The chain, which has 136 stores on the East Coast and in the Midwest, noted operational losses in 2008 as well as tightening credit and less consumer spending as reasons for the filing.

S & K, based in Richmond, Virginia, has existed for 38 years and announced its first annual loss, about $3.93 million, in 2007. The company lost money in 2008 as well, and went on to close 30 percent of its stores and put its headquarters up for sale this past December.

As of January 1, the company claimed to have $41.4 million is assts and $35.5 million in liabilities. It owes $2.28 million to GMAC Financial Services, and $1.4 million to Allegheny Design Management. Currently, S&K has almost 1,100 employees.

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