Things Remembered Reportedly Exploring Closings, Layoffs

HIGHLAND HEIGHTS, OH — Things Remembered, the gift retailer with stores nationwide, is considering bankruptcy, restructuring, and possible layoffs. The company filed notice with the Ohio Department of Jobs and Family Services, notifying the state of possible layoffs.

On Friday, the Highland Heights-based company's letter to the ODJFS went public. In the notice, Things Remembered claims to have been exploring selling or restructuring its business for "several months" but admits it does not know if, or to what extent, "these efforts will succeed."

If the company's efforts don't succeed, layoffs could start on March 4, 2019 and continue for a two-week period. The company estimates that 126 employees could be laid off.

Last week, news broke that Things Remembered was also considering filing for bankruptcy, and closing most of its 400 stores. Reuters noted the company underwent a debt restructuring in 2016, but may now need to take more drastic measures.

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Things Remembered currently employs about 2,500 people in the U.S. and Canada. According to the Reuters report, the company is hoping to sell its brand and online business during bankruptcy proceedings, which could preserve many jobs. The company is also looking for buyers for its brick-and-mortar stores.

The company itself noted that is is not sure if it will be successful finding a buyer, or how much of the current Things Remembered business may be preserved by a sale.

The letter filed with the Ohio Department of Jobs and Family Services can be viewed online.

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