Goody's Family Clothing Files for Chapter 11

KNOXVILLE, Tenn. (AP) - Privately owned retailer Goody's Family Clothing said Monday it is filing for Chapter 11 protection to restructure its business.

The Knoxville-based company said it filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.

Goody's said it will close 69 underperforming stores. They include three outlets Birmingham, one in Mobile and one store in Selma.

Goody's operates 355 stores across the South and Midwest.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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