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Caldor, Unable to Satisfy
Creditors, to Shut Its Doors

Reuters

NORWALK — Caldor Corp., one of the original modern discount retailers, said Friday it will go out of business, closing 145 stores and laying off up to 20,000 employees.

The company, which failed to emerge from Chapter 11 bankruptcy, was founded in 1951 and now operates stores in nine East Coast states.

The company, with annual sales of about $2.5 billion, said it plans to sell off its inventory through going-out-of-business sales beginning in several weeks and lasting through mid-May.

A company spokeswoman said Caldor will retain many store employees — the bulk of the 20,000-member staff — during the going-out-of-business process. After that, the company is looking at severance packages.

"We're working on a package for employees, including severance ... but it's too early to discuss specifics," said Wendi Kopsick, a spokeswoman for Caldor.

Caldor Chairman Warren Feldberg said the retailer decided to close its doors after falling short of performance goals, bringing opposition from creditors to future reorganization plans.

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