Garfinckel’s Owner Files for Bankruptcy: The owner...

Garfinckel’s Owner Files for Bankruptcy: The owner of the upscale District of Columbia department store chain Garfinckel’s said it has filed for Chapter 11 bankruptcy protection and will liquidate the inventories at its nine stores. Garfinckels Holding Co. also said it has laid off 200 of its 850 employees. Investors rescued the company from a financial crisis in 1988 by recruiting new management and providing funding. The retailer attributed part of its woes to the fact that it had changed hands five times since the early 1980s, resulting in different marketing strategies that “significantly impaired” its image among customers.