J.J. Newberry Stores to Close
McCrory Corp., the financially troubled operator of five-and-dime variety stores, said it will close all 38 of its stores in California as part of a restructuring that will eliminate 300 stores nationwide. New York-based McCrory said it will begin to conduct liquidation sales at all 300 stores later this week. The company said it expects to close the stores by spring. McCrory has been reorganizing under Chapter 11 bankruptcy laws since 1992. The California stores to be closed bear the names J.J. Newberry, Newberry, TGY/McCrory and McCrory. Boston-based retail advisory firm Gordon Bros. has been appointed by U.S. Bankruptcy Court to manage the store sales.