Specialty gift retailer Things Remembered is reportedly planning to file for bankruptcy and close most of its stores.
The shop that sells engraved gifts and keepsakes will file for bankruptcy in the coming days and close most of its nearly 400 stores, people familiar with the matter told Reuters last week. Stores at Summit Mall in Fairlawn, Belden Village Mall in Jackson Township and SouthPark Center in Strongsville are among those that would close if no plan emerges to keep the chain operating.
The company, based in Highland Heights in Cuyahoga County, previously underwent debt restructuring in 2016, but it may not have been enough to spare the company. Other retailers have also returned to bankruptcy in recent months, including Gymboree.
The company employs roughly 2,500 people in the United States, with the majority of its stores in malls.
The retailer will try to sell the brand and some stores during the bankruptcy proceedings to save some of the stores and jobs, the people told Reuters.
In a Worker Adjustment and Retraining Notification Act notice filed Friday with the Ohio Department of Job and Family Services, the company said, "for several months, Things Remembered has been attempting to sell or restructure its business, but at this time the company does not know to what extent these efforts will succeed. Although the company does not concede that WARN notice is actually required at this time, notice is being sent nevertheless because of this uncertainty."
The notice only covers the company's headquarters in the suburb northeast of Cleveland, cautioning that as many as 126 jobs there could be permanently eliminated on or during a 14-day period starting March 4.
The company said it would have provided notice sooner, but that "was not feasible because its issuance would have undermined the sale and restructuring efforts that were underway at that time."
The Dayton Daily News contributed to this report.