Tennessee based clothing retailer Goody's Family Clothing Inc updated information released on September 1, 2005, related to the impact of Hurricane Katrina on its operations. The Company currently has four stores that remain closed as a result of the disaster - one each in Hattiesburg and Gulfport, Mississippi; and Houma and Hammond, Louisiana.
The affected stores have sustained damage related to merchandise inventory, furniture and fixtures, and leasehold improvements. As previously reported, ten other stores were closed for a short period following the hurricane, and the accompanying severe wind, rain, and intermittent power outages affected approximately 40 other stores to varying degrees.
The Company believes that its property and business interruption insurance in place will cover all or a portion of these damages, subject to applicable deductibles and policy conditions, but it cannot yet estimate the impact on results of operations.
The Company is hopeful that the stores located in Hammond and Houma, Louisiana, and Hattiesburg, Mississippi, will reopen in November 2005, and that the store in Gulfport, Mississippi, will reopen in March 2006. The Company cautioned that these dates are, at best, estimates, given the uncertainties attendant to rebuilding in the affected communities.
Online retail store operator Goody's Family Clothing Inc is a retailer of moderately priced familyapparel, and with the temporary closure of four stores during fiscal September 2005, currently operates 370 stores in the 20 states of Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia.
Goody's Family Clothing Inc
marketing@alchempro.com
