Old Time Pottery has filed for Chapter 11 bankruptcy, and as part of their restructuring plan will be closing four stores – including the one in Fayetteville, NC according to the Murfreesboro Daily News Journal.
The Fayetteville store at 1748 Skibo Road had only been open since February of 2018. But with the recent operating difficulties surrounding coronavirus (COVID-19), the chain has incurred significant losses.
“Prior to COVID-19, Old Time Pottery was growing profitability at a near-record pace,” the Murfreesboro, Tenn.-based store chain said in a press release. “When COVID-19 hit in March 2020, the company experienced a sudden and precipitous decline in sales that lasted for six weeks with mandates to close numerous store locations in accordance with state and local government regulations.”
Along with the Fayetteville closure, the chain will shutter stores in North Charleston, SC; Rockford, Ill.; and Orlando.
“The (bankruptcy) filing was due to the unique, catastrophic event of the COVID-19 pandemic, which has severely impacted almost all retail businesses and resulted in over 40 million individuals filing for unemployment,” the release said.
The housewares and home goods store has not announced a date for closure yet, but liquidation sales have already started at the four stores.
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