The Patriot Ledger reports on the downward spiral of the Rugged Bear children’s clothing business, which has a shop in Wellesley Square at 34 Central St.
According to the report: “Rugged Bear, in bankruptcy court, conceded that it can no longer obtain the credit or the capital needed to stock its stores for the spring, so the Norwood-based retailer asked the court for permission to unload its assets in a liquidation-style sale.”
When Rugged Bear filed for bankruptcy protection last month, it sounded as if the business was going to shed unprofitable stores but keep the overall business alive. The Ledger report says that the Rugged Bear brand might live on even if all the stores close.
There’s no mention of the company’s financial situation on its website, blog or Facebook page, though there are a lot of sale promos. It sounds as if there will be even more of those soon.
(We’re sick of hearing about businesses moving out of Wellesley too, so let us know as you learn about new ones starting up here)
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