Specialty gift retailer reportedly preps for bankruptcy and store closings
Things Remembered Inc. may soon be a thing of memory.
The retailer, which sells engraved and personalized gifts and keepsake items, is preparing to file for bankruptcy protection in the coming days and close most of its approximately 400 stores, according to a Reuters report in the St. Louis Post Dispatch. The company is looking to sell its brand and online business during bankruptcy proceedings, the report said.
Things Remembered, whose sales have declined in recent years amid online competition, is burdened with approximately $120 million in debt that stems from a buyout in 2012. Founded more than 40 years ago and a longtime mall staple, it is owned by a consortium of investors, including private-equity firm KKR & Co. Inc. KKR was a lender alongside other financial firms that forgave some of the company’s debt in exchange for ownership in a debt restructuring in 2016.
In June, the company promoted Nelson Tejada from president to president and CEO.