Goody's Family Clothing gets court OK to hire FTI as financial adviser

By Jennifer Lanning Drey

Portland, Ore., July 24 - Goody's Family Clothing Inc. obtained court approval to hire FTI Consulting as its financial adviser, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The hiring is effective retroactive to Goody's June 9 bankruptcy filing date.

As previously reported, FTI's duties will include advising management on cash conservation, recommending strategic alternatives for optimum recovery, implementing a store closing process, preparing a collateral package for debtor-in-possession financing, assisting with the claims reconciliation process and preparing a liquidation valuation for a reorganization plan.

Goody's is a Knoxville, Tenn., family apparel retailer operating in small to mid-size markets primarily in the Southeast. The company filed for Chapter 11 on June 9. Its Chapter 11 case number is 08-11133.

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