Shoppers World Acquires Forman Mills, Avoids Bankruptcy — Retail Bum

New York-based regional department store chain, Shoppers World, has acquired struggling retailer Forman Mills, potentially saving the company from bankruptcy.

Facing financial difficulties, Forman Mills had recently resorted to laying off numerous employees and informed the Pennsylvania Department of Labor & Industry that it would have no choice but to file for Chapter 11 bankruptcy if it failed to secure a buyer.

In a statement from Sam Dushey, CEO and founding family member, Shoppers World affirmed its commitment to keeping Forman Mills stores operational.

“We’re thrilled to add Forman Mills to the SW family of businesses and plan to continue operating all Forman Mills locations, and we look forward to seeing benefits to both companies from this new acquisition,” he said, adding that the retailer is now set to embark on an expansion, contrary to recent considerations of a bankruptcy filing.

The discount retailer primarily serves a lower-income customer demographic that has faced significant challenges due to inflation and economic instability.

“We’re pleased to be joining a company with such longevity, strong community roots and financial stability,” Forman Mills CEO Mike Kvitko said. “I’m happy for our team and our vendor…