Friedman’s Seeks to Close 165 Stores

Savannah, Ga., Friedman’s Inc. announced it will seek the Bankruptcy Court’s approval in its Chapter 11 reorganization to close up to 165 underperforming stores in 17 states, and sell in excess of $25 million of inventory through a court-approved disposition process. The closings will leave Friedman’s with approximately 481 stores in 20 states.

The company’s board of directors approved the store-closing program on Monday, and pleadings were filed in the Bankruptcy Court on Monday evening. The Court has scheduled a hearing on the closings for March 2, 2005.

Friedman’s filed Chapter 11 in January 2005.