so is this a restructering bankruptcy? or are they defunct?
Chapter 11. 120 stores to close. 250 to remain open at least as of 21 Jan.
"Torrance, Calif. ? January 21, 2003 ? Wherehouse Entertainment, Inc. announced today that in order to facilitate its capital restructuring initiatives and streamline its operations, Wherehouse and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code. Since the installation of the Company?s current senior management team in June 2002, a comprehensive review of all operations including the corporate headquarters has been underway. As part of its program to improve its competitiveness and profitability, Wherehouse recently closed 30 stores and expects to close an additional 120 unprofitable or underperforming stores within the next several months. Wherehouse expects that its remaining approximately 250 stores will form a solid basis for a return to profitability. These stores will continue to operate as normal."