Personalized gift store Things Remembered will close its store in the Acadiana Mall as the Ohio-based chain has filed for bankruptcy.
The Advocate is reporting the Ohio-based chain that was started 53 years ago filed for Chapter 11 protection and is planning to sell most of its business to Enesco LLC for $17.5 million, according to a report from the Cleveland Plain Dealer. Things Remembered will be closing almost all of its 400 stores, and Enesco plans to purchase 128 stores.
Employees at the Acadiana Mall store said they did not know the exact date of the store’s closure. Signs in the windows announce the closure with merchandise 60-80 percent off.
“The sale to Enesco offers a compelling path forward for Things Remembered, its customers, employees, creditors, vendors, and other stakeholders,” said Nelson Tejada, president and CEO of Things Remembered, in a statement. “Among other growth initiatives, we plan to reinvest in our marketing and personalization technology and to reinvent our in‑store experience.”
According to a Reuters report last month, the company has roughly $120 million in debt.
It’s the latest news about struggling retailers at the mall. Gap, Gap Kids, and Banana Republic stores closed in January, and the Charlotte Russe store survived that company’s round of closures earlier this month.
New York-based Namdar Realty Group recently acquired the mall.