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ATLANTA-Athlete's Foot of suburban Kennesaw will be closing andselling its inventory and leases at 124 company-owned and operatedstores in 25 states totaling an estimated 2.5 million sf of retailspace over the next three months, according to the sports shoeretailer's Chapter 11 petition filed in US Bankruptcy Courthere.
However, 593 independent franchise Athlete's Foot stores,totaling an estimated 11.9 million sf of leased space, will stayopen, the company says. Despite a $20-million loan from GMACCommercial Finance LLC, the retailer ran into inventory andstocking problems that triggered the Chapter filing, the companysays. A total 1,047 workers will lose their jobs when the storesclose.
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