Restructuring at Lauriat's on Track
Jim Milliot -- Publishers Weekly, 2/1/1999
Lauriat's Inc. is in the process of putting together a plan to present to investors that will help get the Northeastern bookstore chain out of Chapter 11, company president Matt Harrison told PW. At a recent creditors' committee meeting, there was agreement that it's time for Lauriat's to "get the proper capitalization that it needs to emerge from bankruptcy and move forward," Harrison said.Sales during the holiday season were "on plan," Harrison noted, although they were below 1997 levels because the company had fewer stores in operation. Lauriat's had 75 outlets open during the holidays but closed three stores following Christmas when their leases expired. Harrison hopes to have a reorganization plan completed in the next few months.
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