Mccrory To Close Another 300 Stores

Fri., Jan. 17, 1997

From Staff And Wire Reports

McCrory Corp. plans to close about 300 stores as soon as possible, the company said in papers filed Thursday in federal bankruptcy court.

McCrory said it defaulted on a line of credit from its lead lender, The CIT Group/Business Credit Inc. of New York, because its December sales were less than it hoped for.

The York (Pa.) Daily Record reported Thursday the closings would leave 3,500 people out of work.

The closings will leave McCrory with about 160 variety stores left nationwide, operating under several names, including McCrory, McLellan, H.L. Green, T.G. & Y., J.J. Newberry and G.C. Murphy.

Ira S. Sacks, a lawyer for McCrory, said sales projections had been for a 15 percent increase in December, but they were flat compared to a year earlier.

Sacks said the stores to remain open will be mostly east of the Mississippi. Some profitable stores will remain in New Mexico, Arizona, northern California, Oregon and Washington, McCrory senior vice president Paul Weiner told the Daily Record.

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Mccrory To Close Another 300 Stores

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