S&K Menswear closing all 105 stores

YOUNGSTOWN — S&K Menswear, which has stores in Eastwood Mall in Niles and Prime Outlets at Grove City, Pa., said Thursday that it is closing all 105 of its stores.

“In spite of our best efforts, the current economic climate left us with no choice but to close down the business,” said Jonathan Tibus, chief restructuring officer at S&K.

The Richmond, Va.-based company filed for bankruptcy protection in February. The company said it has started a going-out-of-business sale that will last until all merchandise is sold.

S&K was founded more than 40 years ago by a retired grocer. It grew to have stores in 26 states in the eastern half of the country.

Its bankruptcy filing listed $41 million in assets and $35.5 million in liabilities.

The Richmond Times-Dispatch said the company’s problems included vendors’ losing faith and, in some cases, demanding cash up front for merchandise; decreased liquidity because of tightening credit markets; and a drop in consumer spending.