Bankrupt menswear retailer S&K Famous Brands Inc. has asked a federal judge for permission to auction off its name, Web site and trademark. The initial, stalking-horse bid for the rights to the company’s intellectual property is set at $165,000. Falling sales brought on by the economic downturn forced S&K into Chapter 11 bankruptcy in February. In May, the company said it was unable to find a buyer or the financing to continue operating and began liquidating its 105 remaining stores.

CHARLESTON, S.C. In colonial times, Charleston was America’s wealthiest city. Three centuries later it still has an upscale cachet with houses on its historic Battery fetching eight figures and shopping and restaurants rivaling much larger cities. But you don’t need deep pockets to enjoy this town of pastel buildings, narrow alleys and quaint, secluded gardens. Indeed, you can experience much of Charleston, which has a reputation for being the nation’s most polite city, for a pittance.

For me, a recent weekend marked 20 years of living in Richmond. On a morning jog along Riverside Drive, I enjoyed the breeze and sparkle of the James, and thought how fortunate we are to live here. That said, I compare Richmond’s evolution since 1989 with other cities I like, such as Austin, Portland, Boston . . . and Greenville, S. C. Anchoring the upstate, Greenville was part of the I-85 textile corridor. Not a huge city, but it thrives today from some key investments. Four that are relevant for us include: (1) economic development, and in particular BMW, (2) a performing arts center, (3) a bridge and (4) a baseball stadium downtown.

The news that Henrico-based S&K will shut its stores and liquidate its assets delivers another gut-punch to Central Virginia. Like others around the country, the company fell victim to a terrible confluence of circumstances. In a better economic season, its challenges would have amounted to a stumbling block instead of a headstone, and it probably could have pulled through. (And if wishes were fishes, we’d all cast nets.)

After a humble start from the back of a station wagon more than 40 years ago, S&K Famous Brands Inc. will begin winding down its operations today. 

During the next three months, S&K Famous Brands will close the inventory at all its stores.
  Founded: 1967 in Richmond
  Filed for bankruptcy: Feb. 9
  Liquidation sales begin: Today
  Number of stores closing: 105
  Richmond-area locations: 11102 W. Broad St., 9970 Brook Road, 44513 Commonwealth Center Park and 11521 Midlothian Square

S&K Famous Brands Inc. likely will be auctioned off today to a company that will liquidate its merchandise and close its remaining 105 stores. In a court papers filed yesterday afternoon, the Henrico County-based menswear retailer said it would hold an auction at the Richmond office of its attorneys starting at 1 p.m. The two bidders are Hilco Merchant Resources LLC and Gordon Brothers Retail Partners.

S&K Famous Brands Inc. is close to ending its storied run after a bankruptcy judge approved its sale yesterday after testimony from a company executive that the retailer could be out of money by the middle of June. The Henrico County-based menswear chain, which filed for bankruptcy in February, already has a deal with liquidation specialist Hilco Merchant Resources LLC that guarantees the company $7.9 million for selling off its assets, including the merchandise and fixtures at its remaining 105 stores.

S&K Famous Brands Inc. could be liquidated if a buyer to keep it operating is not found in the next six days. The Henrico County-based menswear retailer filed a motion late Friday evening asking a bankruptcy judge for permission to sell itself to Hilco Merchant Resources Inc. Hilco is known for running liquidations of retail chains. It has worked on the liquidations of Mervyns, The Bombay Co. and Sharper Image. According to court papers, Hilco guarantees S&K $7.9 million for the merchandise.

A turnaround specialist has been named to run discount menswear retailer S&K Famous Brands after the retailer fired its CEO. Joseph A. Oliver III, who became S&K’s president and CEO in 2007, was let go yesterday.

A sweeping review of the state’s charitable gaming laws kicked off yesterday with a small work group of lawmakers learning how much they have to learn about the games that fuel a $400 million industry in Virginia. Del. S. Chris Jones, R-Suffolk, created the group to take a new look at how the state regulates bingo and other games legalized solely to raise money for charities. He acknowledged that he couldn’t remember the last time he had seen the inside of a bingo hall—if ever.

S&K Famous Brands has paid off a credit line used in bankruptcy and can continue operating without the looming threat of liquidation—for now. The Henrico County-based menswear retailer also is actively looking for a buyer or investor who could help the company emerge from bankruptcy court protection. The company filed for Chapter 11 bankruptcy Feb. 9.

S&K Famous Brands Inc. received bankruptcy court permission yesterday to begin looking for a liquidator to close an additional 30 stores, including the store at Regency Square and two others in Virginia. The Henrico County-based menswear retailer filed for bankruptcy protection on Feb. 9. The chain currently operates 136 stores and has closed 78 stores in the past year.

Bankrupt retailer S&K Famous Brands Inc. has agreed to sell its West Broad Street headquarters complex to TGM Realty Investors Inc., a subsidiary of Richmond-based Thalhimer Commercial Real Estate, according to court papers. The property includes an S&K store, the two-story headquarters building and a 110,000-square-foot distribution center.

Bankrupt retailer S&K Famous Brands Inc. has agreed to sell its West Broad Street headquarters complex to TGM Realty Investors Inc, a subsidiary of Richmond-based Thalhimer Commercial Real Estate, according to court papers. The property includes a store, the two-story headquarters building and a 110,000-square-foot distribution center.