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Caldor to close its doors
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January 22, 1999: 1:40 p.m. ET
Discount chain, in Chapter 11, will liquidate its business, shut 145 stores
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NEW YORK (CNNfn) - Caldor Corp. said Friday it will close all 145 of its stores and wind down its business operations, leaving as many as 20,000 employees jobless in the process.
Norwalk, Conn.-based Caldor filed for Chapter 11 bankruptcy protection in September 1995 and has operated under court protection since then.
The announcement comes after steadfast opposition from its creditors made a viable reorganization impossible.
Norwalk, Conn.-based retailer is closing its doors for good
"We accomplished a great deal over the course of the last several years," said Warren D. Feldberg, Chairman and Chief Executive Officer. "However, given the nature of our capital structure and the shortfall to our performance goals, the board had no alternative but to conclude that this was the most appropriate course of action under these circumstances."
Caldor plans to liquidate its inventory through going-out-of-business sales expected to begin within several weeks and run through mid-May. The company is continuing to work with BankBoston's banking group and is seeking a court order to proceed with the sale of its real estate.
Caldor, with annual sales of roughly $2.5 billion, was founded in 1951 and currently operates 145 stores in nine eastern states. 
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Caldor
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