Add another chain to the list of stores closing up shop in Chestnut Hill.
After more than 30 years of selling children's clothes throughout the Northeast, Rugged Bear said this week the company is liquidating its business and closing all of its 29 stores. The store, which has a location on Boylston Street in Chestnut Hill, is holding a going-out-of-business sale starting today that will continue until all merchandise is sold, according to a release.
The announcement comes after a stating that Rugged Bear Co. had filed for Chapter 11 Bankruptcy.
"Our customers have shown extreme loyalty to us over the years," said Michael O'Hara, Chief Restructuring Officer at Rugged Bear. "We hope that they take advantage of these incredible savings and stock up on play clothes and outerwear just in time for the start of spring."
Earlier this year, , adding to the list of recent closures including Borders and Williams-Sonoma in the Atrium Mall.
During the closing, all Rugged Bear stores will honor gift cards, merchandise credits and membership program benefits through the duration of the sale. All sales made on or after March 4 are final and returns on purchases made prior to today will be accepted in compliance with Rugged Bear's return policy in effect on the date of purchase.
According to the press release, “consumers can find tremendous savings on all boy's, girl's and infant apparel including outerwear, footwear, hats, gloves, mittens, dresswear, sportswear and sleepwear.” Store fixtures such as apparel racks, shelving, lighting and cabinets will also be sold.
Gordon Brothers Group will oversee the going-out-of-business sales on Rugged Bear's behalf.
"Though consumers can expect great values at each location, the broadest selection of merchandise and sizes will be available to those who arrive first," Tom Lonabocker, Principal & Managing Director at Gordon Brothers Group stated. "The markdowns on merchandise are significant so we expect it to sell quickly."
Rugged Bear was founded in 1980 and expanded their stores across New England, New York and New Jersey. Rugged Bear offers an assortment of fashionable children's merchandise from infant's layette to size 14-16.
Gordon Brothers Group, founded in 1903, is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group assists companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, making private equity investments, and operating businesses for extended periods.
Gordon Brothers Group conducts over $50 billion in transactions and appraisals annually.