By Maybelle Morgan For Mailonline. But it turns out that this wasteful mindset is worse than we originally thought. Modern women have adopted a 'wear it once culture' when it comes to their wardrobes, wearing items only a handful of times before considering them 'old', according to a new study. A new survey of 2, women has revealed that many women have adopted a 'wear it once' culture. The main reasons given for ditching new purchases were changes in weight 49 per cent and disregarding clothes bought on a whim 23 per cent.
It hired John Okvath inan old hand in the Asian rag market, to oversee product development. Communications concerning shareholder records, the transfer of shares, lost certificates or Goody s family clothing intimate apparel of address should be directed to:. Deferred income taxes. Forgot Password? Please update this article to reflect recent events or newly clothinf information.
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Income taxes. The Company provides a wide selection of merchandise designed to satisfy the casual and career apparel needs of the entire family. Earnings loss before income taxes. Weighted average common shares outstanding in thousands :. Began the rollout of new point-of-sale equipment to the chain, planned to be completed in. Long-term obligations 7. Net Goody s family clothing intimate apparel lossas clothimg. Cash and cash equivalents, beginning of year. Kegley, Jr. Selected Financial Data.
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The lighting was poor, the customer service sketchy, but the lure of good clothes at great prices kept people coming. The bargain store grew slowly over the next 20 years. When outlet and factory stores began to come into their own in the mids, Goodfriend was in a very competitive niche, but stores continued offering seconds and discontinueds at discount prices.
Goodfriend was squeezed by the proliferation of national outlet stores and discounters and knew something had to change to keep his stores in the game. He looked to his son, Bob, for help. In , Bob — Robert M. Goodfriend — joined the team. With a background in retailing, Bob brought outside experience to the family-run operation.
He considered the market and decided to take a middle road, a path different from that of discounters or department stores. He redirected the company to offer well-recognized, fashion names and up-to-the-minute trends at moderate prices. By , the chain had 21 stores, and Bob took over the reins of leadership completely as president and CEO.
New corporate headquarters were designed in , when the company left the small town of Athens to relocate to Knoxville. The state-of-the-art center made it possible to receive new fashions in one day and have them on trucks and out to stores the next, making for a minimal time lag in getting the latest fashions to the consumer.
The distribution center could process , garments safely in one day and it is computer-linked to each of the chains. Whatever was going on out in the stores — sellouts, poor movers, runs on special items — is reported back to the main office.
Acquisition strategy as well as distribution timelines can be adjusted. Clothes sales are also tracked by color and size, for a very precise measure of how business is running from day to day. It was time to make a public launch. It elected a very conservative board of directors and successfully expanded its base of capital. Three years later, the company had doubled its sales figures and growth to stores. The image went from discount house to department store, and the prices stayed 10 to 30 percent down from regular department store prices.
In a bitter feud, chief operating officer Henry Call and the merchandising executive Tom Kelly left the store in Although Henry Call and Tom Kelly came back on board in as president and executive vice-president, respectively, and Goodfriend was accepted back on the board as chairman, the store has not yet returned to its pre-schism profitability margin.
In , it stood at only 3. Climbing back up to 5. The first of these private labels was Ivy Crew for men, a stylish, golf-inspired collection, which became a popular suite of apparel for the store. It hired John Okvath in , an old hand with the Asian rag market, to oversee product development.
The company opened 20 new stores and closed one. In late the company also took a new direction by offering gifts and accessories, an approach which was evaluated as profitable and successful. It will also continue to lease, not own or build, its stores, in order to avoid long-term debt.
Part of the strategy to increase sales is sharp advertising. Local stores are often the drop-off points for canned goods and clothing to benefit the needy. The store strives to foster a friendly, family image. The stock has been bought by several large brokers to season mutual fund markets. Department store chains and factory outlet stores provide ongoing competition for the mid-priced family apparel chain. Blackmon, Douglas A. Cite this article Pick a style below, and copy the text for your bibliography.
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Goody's Family Clothing, Inc. Found mainly in strip malls, Goody's stores offer a variety of apparel and accessories for the women, men, and children. Goody's struggled in the early years of the 21st century, in part due to weak sales and intense competition. A plan to sell the company to a private equity group fell through in The company that would become Goody's started as a 2,square-foot small discount apparel store opened in by Mike Goodfriend and his family.
The first "Goodfriend" store, located in Athens , Tennessee, was modest and family-oriented. A big "G" over the door was the simple logo, and the merchandise consisted of irregulars, last year's styles, and closeouts piled on tables and packed onto hanging racks.
Everything reoriented not around the family seeking a discount but around the average family looking for today's stylish clothes at good prices. The store no longer purchased closeouts, irregulars, last year's goods, or factory seconds. Acknowledging this adjustment of direction, the store was renamed "Goody's," after a college nickname of Bob's.
The distribution center could process , garments safely in one day and it was computer-linked to each of the chains. Whatever was happening in the stores — sellouts, poor movers, runs on special items — was reported back to the main office.
Acquisition strategy as well as distribution time lines could be adjusted. Clothes sales were also tracked by color and size for a very precise measure of how business was running from day to day. Goody's held its initial public offering in October of that year. Goody's was also gradually remodeling its interiors, doing away with tables and updating to clean, brightly lit interiors with wide aisles and clearly marked departments.
In a bitter feud, chief operating officer Henry Call and merchandising executive Tom Kelly left the store in Bob Goodfriend, despite the fact that his dream had developed much of what Goody's had become and that he was one of the members of the original family who started the chain, was forcibly ousted from the board.
The store's margin of pre-tax earnings dropped from 5. Establishing a private label was seen to give Goody's long-range control over its inventory. Brand name fashions manufactured by other companies were always "outside" variables. The first of these private labels was Ivy Crew for men, a stylish, golf-inspired collection that became a popular suite of apparel for the store. Estimates in the late s saw that the Ivy Crew label accounted for 18 percent of the total sales in the men's department.
Contracting year by year with overseas manufacturers in Southeast Asia and Central America , Goody's has expanded its private labels into all of its clothing departments. It hired John Okvath in , an old hand in the Asian rag market, to oversee product development. The expansion of the private label program was viewed by senior management as Goody's "ace in the hole" for future profit creation. While maintaining a commitment to national brand name fashions, Goody's was encouraging in its customers a taste for its own house labels.
One of the recurring elements in the story of Goody's is the store's striving to keep a friendly, family look and compete with the slick finish-outs of its department store competitors.
As a part of this effort to stay in tune with its market, in the spring of Goody's came out with a new slogan — "Goody's feels like you. An in-house brochure recapped the marketing policy as follows: "Customers like the prices, and they like the selection. Goody's also followed up on its progress by bringing people from the sales floor to headquarters periodically for "round-table" meetings that debriefed associates on the customer experience and gathered grass-roots comments about improvement.
With better sales, aggressive promotion, remodeled looks, and Goodfriend, Call, and Kelly firmly back on board, Goody's stock rose percent. Enjoying a calmer political atmosphere, Goody's headed into , a year when the company opened 20 new stores and closed only one. The new corporate policy also encouraged a move out of the "country" — the suburbs where many of the chains were located — and into metropolitan areas. In , Goody's opened six stores in Atlanta and three in Charlotte.
Goody's business was seasonal in nature, with the peak seasons being traditional family-oriented times. Goody's made its money during the periods before Christmas , Easter , and the reopening of school in September — these weeks accounting for 35 percent of the company's annual sales from to , a trend expected to continue.
In late , the company also took a new direction by offering gifts and accessories, an approach which was evaluated as profitable and successful. Our mission is to be the value-conscious customer's first choice for moderately priced family apparel, known for the best selection, the best customer services, the best value, and the best shopping experience. It also continued to lease, not own or build, its stores, in order to avoid long-term debt.
Part of the strategy to increase sales was sharp advertising. Goody's slogans "take a good look" and "Goody's feels like you" were splashed across all of their materials. Goody's advertising was headed by Mary Beth Fox, who joined the company in as a graphic designer. The company's point-of-sale, signs, print ads, and other sales materials were all designed and distributed in-house.
Not only did Goody's aggressively promote itself through ads in the local paper and direct mail, but the company also had strong corporate giving and community service programs.
Local stores were often the drop-off points for canned goods and clothing to benefit the needy. Goody's also supported the Children's Miracle Network and mobile medical clinics in its communities. The store strived to foster a friendly, family image. If we stay focused on our customers and concentrate hard on the dayto-day basics of the business, it's a winning combination. Goody's rising stock figures seemed to suggest that analysts agreed. The stock was purchased by several large brokers to season mutual fund markets.
Department store chains and factory outlet stores provided ongoing competition for the mid-priced family apparel chain. Goody's fortunes took a turn for the worse in Warm weather in the third and forth quarters forced profits down by 17 percent in and earnings continued to fall the following year. During , comparable stores sales — sales from locations open for at least a year — dropped by 4. During this period, Goody's management team launched a restructuring of the company in order to shore up sales.
Faith Popcorn, a trend consultant, was hired to revamp Goody's image. A June Knoxville News-Sentinel article printed part of Goodfriend's speech at the annual shareholders meeting that summed up the company's strategic direction.
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Weighted average common shares outstanding:. The Company believes the 0. Restructuring charge. Documentary Letters of Credit 1. Standby Letters of Credit for Insurance 2. Chairman of the Board and Chief Executive Officer. Cash and cash equivalents. Accounts receivable and other current assets. Total current assets. Property and equipment, net. Current Liabilities. Current deferred income taxes. Total current liabilities. Other long-term liabilities. Common stock, no par value;.
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Cash and cash equivalents, end of year. Supplemental Disclosures:. Net income tax payments refunds. Exercise of stock options. Cash dividends declared. Net earnings loss , as reported. Deduct: Total stock-based employee compensation expense determined under fair value based-method for all awards, net of related tax effects. Pro forma net earnings loss.
Earnings loss per common share. Expected volatility. Risk free interest rates. Weighted-average expected lives, in years. Weighted-average fair value of options granted. Leasehold improvements. Furniture and equipment. Less accumulated depreciation and amortization. Tax expense benefit at statutory rate. State taxes, net of federal benefit. Effect of tax-exempt income.
Effect of other items. Inventory carrying cost. Net operating loss carryforward and tax credit carryforwards. Accrued expenses and other. Current deferred tax liability. Net operating loss carryforward. Long-term deferred tax liability. Forfeited and expired. New shares authorized. Documentary Letters of Credit. Standby Letters of Credit for Insurance. Amounts charged to income in fiscal Payments in fiscal Samuel J. Robert F. Irwin L.
Acceleration of our store expansion plan with the opening of 10 new stores in fiscal ;. Acquisition of Duck Head trademarks and four related licenses;. Moved up and completed the chain-wide installation of radio frequency scanning equipment in all our stores during fiscal ;.
Began the rollout of new point-of-sale equipment to the chain, planned to be completed in ;. Mark One. Appeal to Value-Conscious Customers. The Company provides a wide selection of merchandise designed to satisfy the casual and career apparel needs of the entire family.
Strategically Use Private-Label Programs. Focus on Small to Midsize Markets. The Company generally locates its stores in small to midsize markets that have demographic characteristics consistent with its targeted value-conscious customer. While the Company operates in selected larger metropolitan markets, smaller market areas offer. Provide Strong Marketing and Advertising. The Company believes that communicating frequently with customers is the key to maintaining traffic flow in its stores and creating loyalty within its customer base.
Shopper-Friendly Store Environment. Submission of Matters to a Vote of Security Holders. Fiscal Dollars in thousands, except per share amounts and. Gross profit. From Wikipedia, the free encyclopedia. This article needs to be updated.
Please update this article to reflect recent events or newly available information. July Trade name. Retrieved Categories : Clothing retailers of the United States Department stores of the United States American companies established in Retail companies established in Companies that filed for Chapter 11 bankruptcy in Companies that have filed for Chapter 7 bankruptcy Defunct companies based in Tennessee Re-established companies Retail companies disestablished in Companies based in Houston Economy of the Midwestern United States Economy of the Southeastern United States mergers and acquisitions.
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GOODY'S FAMILY CLOTHING, INC.
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