9 Years ago today...

[Zayre88]

Well, it has been 9 years already...

For Immediate Release

AMES DEPARTMENT STORES TO LIQUIDATE AND CLOSE
Management Acts to Preserve Values for Creditors

“Going Out of Business” Sales to Begin

Rocky Hill, CT - August 14, 2002 - Ames Department Stores, Inc. announced today that the discount retail chain will liquidate and close all of its 327 store locations, and that management and the Board of Directors have determined that asset values can best be maximized for the benefit of all creditors by terminating operating losses and winding down the business.

"This was a wrenching decision, but the right course to take. Continued softness in sales, combined with tightening terms and slower shipments from our suppliers, have reduced our funds availability below critical levels," said Ames chairman and CEO Joseph R. Ettore. "To ensure the greatest possible value for our various stakeholders - including our associates - Ames management has resolved to pursue an orderly liquidation of the company now, rather than continue along a path that would further diminish our resources and lead Ames to default on its lending agreements."

Subject to the approval of the Bankruptcy Court, the company expects to promptly designate a liquidator to conduct "Going Out of Business" sales at all Ames store locations. Stores are expected to remain open for approximately ten weeks during this process

Complete text here: http://amesfanclub.com/resource/documents/press.releases/08.14.02.htm

Message from Joe Ettore: http://amesfanclub.com/resource/documents/press.releases/ultimatum.htm

[ynkeesfn82]

Wow. Amazing. 9 years already.

[NJxxJon]

RIP and thank you guys for keeping us active on the net!

[retailisking]

I'd like to say that time flies but somehow it seems much longer than nine years ago to me.  Perhaps with Ames having gone through bankruptcy once already it was a matter of history repeating itself (particularly with Joe Ettore, the guy who led Stuarts into liquidation, as Ames CEO.)  With the onslaught of Walmart and Ames making the same mistake of overextending itself with an acquisition (Hills) that it couldn't absorb Ames was caught with its pants down when the economy turned sour after 9/11.  It probably would have turned out the same way even without the recession, but it seemed kind of inevitable to me at the time.

[Tabuu]

RIP Ames, my very favourite discounter. You are still missed to this day. :(