Tampa residents will soon be down one place to shop. Dots Fashions -- known for its women's and plus-size clothing and accessories -- will be closing multiple stores in Florida and around the nation soon after filing for bankruptcy. The retail chain has already begun the process with store closing sales that started on March 1.
Shoppers will be able to get discounts starting at 20 percent on the company's merchandise during the sale. It was unclear, however, if the discounts would become greater as time passed, but according to reports, all 360 of the stores across the nation will stay open until all the merchandise is sold. This includes three stores in Pinellas County, five stores in the Tampa Bay area and two stores in Hillsborough County.
Dots Fashions filed for Chapter 11 bankruptcy earlier this year. Gordon Brothers Group -- a global advisory, restructuring and investment firm -- will be overseeing the store closing sales. The bankruptcy court gave the go ahead on the store closings on Feb. 27, almost a month after the store filed for the bankruptcy.
When businesses file for bankruptcy, it can have an impact on the local economy and the everyday lives of consumers. As seen here, it is important for businesses thinking about filing to have a clear understanding of the process, as well as a plan for how to handle the company's remaining assets and merchandise. A business and commercial law attorney can help guild a business owner through this time and explain the pros and cons of each step.
Source: Tampa Bay Business Journal, "Dots Fashions to close all stores" Jo-Lynn Brown, Mar. 03, 2014