Report: Goody's headed for bankruptcy

NEW YORK Goody's Family Clothing is said to be considering filing for Chapter 11 bankruptcy, as reports indicate the retailer is suffering from a slowdown in apparel demand.

According to reports the company is expected to file for bankruptcy by early next week.

On January 30, the retailer announced that in conjunction with its $65 million investor funding, it has reduced its home office work force by 5% and realigned its field support staff to achieve improved operating efficiencies.