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Clothing Retailer Harold's Will Close All Stores

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Nov 12, 2008 6:49 am US/Central

Clothing Retailer Harold's Will Close All Stores

TULSA, Okla. (AP) ― The chief executive officer of Harold's Stores Inc. said Tuesday the upscale clothing retailer will be closing all of its stores.

The company had filed for Chapter 11 bankruptcy protection on Friday, estimating assets and liabilities between $10 million and $50 million in the filings.

"Increased competition and a weak economy have left us no choice but to cease operations," the CEO of Harold's, Ronald Staffieri, said in a statement.

Harold's began in Norman in 1948 but is now based in Dallas. It has 43 stores in 19 states, including five in Oklahoma. The company employed 624 people before the bankruptcy filing, with more than half working part-time.

Harold's laid off 65 people at its corporate office starting Nov. 3.

Managers at the two Tulsa stores said they had been told not to talk to the media about the closures.

A message on the company's Web site said it has stopped accepting orders, but a statement from Harold's said its stores will sell all merchandise and that returns will be accepted through Nov. 22 for purchases made before Nov. 8.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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