Fallas to close Kingman store as part of Chapter 11 bankruptcy filing
KINGMAN – The Fallas discount clothing store at 3140 Stockton Hill Road will be closing as part of the Gardena, California-based parent company’s Chapter 11 bankruptcy filing.
The store is advertising a closeout sale with 10 percent to 40 percent sale, and an assistant manager said the store will close when all of the merchandise has been sold, probably within about three months.
Kingman is one of 74 Fallas stores that will be closing, along with some stores in Las Vegas, the employee said. More than 20 workers will be out of a job, she added.
National Stores, which operates 344 stores under retail chains Fallas Paredes, Fallas Discount, Factory 2-U and Anna’s Linens, announced Monday that it has filed for Chapter 11 bankruptcy reorganization.
National Stores’ filing listed both assets and liabilities as between $100 million and $500 million, according to the Los Angeles Times. Under Chapter 11, a company continues to operate, but its debts and assets are frozen until creditors accept a reorganization plan.
In the meantime, National Stores said it “has ample liquidity to fund operations,” including a commitment for up to $108 million in debtor-in-possession financing from existing lenders, the Times reported.
Fallas opened in Kingman in 2014, remodeling 24,000 square feet of empty retail space in the shopping center anchored by 99 Cents Only and Tractor Supply Co.
The store offers name-brand and private-label apparel for women, men and children, along with shoes and home décor.
Retailers have shuttered hundreds of stores across the United States in the last few years, including major chains such as Sears, Kmart, J.C. Penney, Macy’s and Toys R Us.