Goody’s Family Clothing Announces Buyout

Knoxville, Tenn., Goody’s Family Clothing has reached a definitive agreement to be acquired by an affiliate of private-investment firm Sun Capital Partners Inc. in a deal worth nearly $273 million. Chairman and CEO Robert M. Goodfriend and his family, who together own 42% of Goody’s shares, previously agreed to the Sun Capital terms. Goodfriend, son of the company’s founder, will leave the chain.

Goody’s operates 368 moderately-priced clothing stores in 20 states in the South and Midwest.