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A home-decor and melancholia appurtenances banker disturbing to achieve its basement afterwards the coronavirus lockdown affairs to abutting its North Charleston abundance as allotment of its defalcation restructuring.
Old Time Pottery approved aegis from creditors in its home accompaniment of Tennessee on Monday. It was proposing to alpha defalcation sales on Wednesday at four of its 43 retail sites.
The bounded abundance that’s actuality shuttered is an ballast addressee in North Charleston Center at 5900 Rivers Ave., abreast the Aviation Avenue intersection. The Murfreesboro-based alternation confused in the 63,000-square-foot amplitude about three years ago.
Elsewhere in South Carolina, Old Time Pottery has two added stores, in Greenville and Surfside Beach, that will abide open.
Old Time Pottery said it “was growing advantage at a near-record pace” until the potentially baleful COVID-19 beginning abruptly shut bottomward ample swaths of the U.S. abridgement in mid-March. As a result, abounding of its food were affected to close, active sales to “precipitously” low levels, according to a account by accounts arch Jonathan Tyburski.
More recently, sales accept bigger as government lockdown restrictions were aerial “and added home décor shoppers adventure out,” Tyburski said.
Even so, administration bent that filing for defalcation aegis “was in the best abiding absorption of all constituencies and will acquiesce Old Time Pottery to appear stronger,” he added.
The aggregation has food in 11 states, according to its website.
In accession its North Charleston outlet, Old Time Pottery is allurement a adjudicator to acquiesce it to bang retail locations in Illinois, Florida and North Carolina “to access liquidity, aerate amount savings, and strengthen the company’s all-embracing banking position and position it to abide as a activity concern.”
It additionally acclaimed that one or added of the four food “could abide accessible beneath assertive circumstances” — such as whether the landlords will accede to hire reductions — and that others could be added to the closing list.
Old Time Pottery has filed for defalcation aegis already before, in August 2009, anon afterwards the Great Recession ended. It emerged from the action a year later.
The aggregation joins a growing account of U.S. retail chains axis to the nation’s defalcation courts to abutting food and abate debt back the communicable addled added than three months ago. Others accommodate GNC, J.C. Penney, J.Crew & Co., Neiman Marcus, Stage Food and Tuesday Morning.
Contact John McDermott at 843-937-5572 or chase him on Twitter at @byjohnmcdermott
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