After sixty years in business, Harold's Stores, Inc. filed for bankruptcy last Friday. Harold's which has been a household name for generations of Dallas-Fort Worth residents, opened its first Dallas area store in 1977; but has been experiencing financial difficulties since the 1990's. Last year, the company posted a $9.5 million loss on revenue of $82 million.
As part of its bankruptcy, the Dallas-based men's and women's specialty retailer is starting a liquidation sale at its 43 stores in 19 states. That means another round of job losses for the Dallas-Fort Worth area as many retailers find it nearly impossible to eek out a profit in these economically turbulent times. Many retailers face bankruptcy as consumers tighten their spending and shop less even as the holidays approach.