Lamonts Apparel Inc. has filed Chapter 11 bankruptcy, its second such filing since 1995, but expects to keep stores open, the company announced today.
The filing took place today in the U.S. Bankruptcy Court for the Western District of Washington in Seattle, according to a press release issued by the company, based in Kirkland, Wash. Lamonts officials said the voluntary filing will allow the company to further reorganize its finances.
Lamonts undertook a Chapter 11 reorganization which began on Jan. 6, 1995 and ended Jan. 31, 1998. During that time, the company achieved significant sales growth on a comparable-store basis, eliminated $90 million of debt and redirected resources from underperforming stores to 38 core stores that all operated profitably as of Jan. 30, 1999.
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