Things Remembered retail store is reported to be preparing to file Chapter 11 bankruptcy. According to reports, Things Remembered will close most of its 400 stores and file bankruptcy protection for financial restructuring. Things Remembered may also be seeking buyers for some of its stores.
The mall-based store, Things Remembered, was founded 40 years ago. There are about 450 stores (as well as online) that sell engraved gifts and keepsake items. The retailer is experiencing approximately $120 million in debt.
In order to alleviate debt, the company already attempted to restructure and sell on Amazon, but a significant debt load is apparently the reason for the company’s downfall. It is likely that Things Remembered files for bankruptcy protection, it will join other well-known stores that have also experienced debt, bankruptcy, and store closings: Toys R Us, Payless, Gymboree, True Religion, and The Limited.