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Factory Card Outlet was facing mounting inventory in both their stores and their Distribution Center, plus high markdowns on old, dated inventory (usually seasonal cards) in both locations.
On top of that, competition from Party City and Walmart on their core business and poor execution and store upkeep especially in urban areas was hurting sales. Lastly, they were reluctant to increase prices on their (at that time) $.39 cards. All of this plus mounting debt and the inability to get favorable loan terms led to their reorganization.
When they declared bankruptcy, it allowed them to get a lot of old merchandise and bad leases off the books. For instance, at one time there were over two dozen stores in the Baltimore/ DC area. Now there are only a handful, and none in some of seedier locations they used to do business in. With new ownership, margins are undoubtedly better as well.
What else can I help you with?
Did Thorn Apple Valley go bankrupt in 1999?
Thorn Apple Valley declared Chapter 11 bankruptcy in 1999 and was acquired by IBP Inc.
What happened to Thorn Apple Valley?
Thorn Apple Valley declared Chapter 11 bankruptcy in 1999 and was acquired by IBP Inc.
Did IBP buy Thorn Apple Valley?
Thorn Apple Valley declared Chapter 11 bankruptcy in 1999 and was acquired by IBP Inc.
Did Thorn Apple Valley go bankrupt?
Thorn Apple Valley declared Chapter 11 bankruptcy in 1999 and was acquired by IBP Inc.
When did Thorn Apple Valley go bankrupt?
Thorn Apple Valley declared Chapter 11 bankruptcy in 1999 and was acquired by IBP Inc.
In what year did Mario Lemieux buy the Pittsburgh Penguins?
When the Penguins declared bankruptcy in the late 1990s Lemieux was the their biggest creditor. The bankruptcy court awarded Lemieux primary ownership in exchange for $29 million of what the Penguins owed him, just prior to the 1999-2000 season.
What are the release dates for Bullet Factory - 1999?
Bullet Factory - 1999 was released on: USA: 12 January 1999
What does the 20 amp power outlet fuse do on a 1999 Dodge Durango?
What does the 20 amp power outlet fuse do on a 1999 dodge durango
Who Were Declared Winners Of Israeli State Cup In 1999?
Hapoel Tel Aviv were declared winners Of Israeli State Cup in 1999.
When was The Crook Factory created?
The Crook Factory was created in 1999.
When was The Factory - album - created?
The Factory - album - was created in 1999.
What type of factory did the Geisel family own in 1999?
bobbery factory
