New York-based Company Buys Forman Mills, Jobs Saved
This week's business news was that retailer chain Foreman Mills was in danger of closing and local workers at Foreman Mills stores in Egg Harbor Township and Vineland could be close to losing their jobs.
Not so fast.
In a surprising move Thursday, a New York-based company came forward to buy Foreman Mills and save the company and those local workers' jobs.
Foreman Mills is being acquired by Shoppers World, the company confirmed with 6ABC on Thursday.
Earlier in the week, Foreman Mills' Chief Financial Officer said they're working on selling the company, but didn't seem hopeful that it would happen. If that had been the case, he said the company would file for Chapter 11 bankruptcy and close.
The retailer had already laid off 119 corporate workers at its headquarters in Pennsauken in early June. Lawyers for those workers had filed a class action lawsuit against Forman Mills for mass layoffs without sufficient notice.
All of those Foreman Mills employees are going back to work and will be paid for the time they missed.
Local Foreman Mills workers at the store on the Black Horse Pike in Egg Harbor Township and on West Park Avenue in Vineland are also breathing a sigh of relief. So are shoppers of those two local stores who like those Foremen Mills deals.
Things have been so bleak lately in retail that when a deal is made to save a particular store, it's really unexpected.
Luckily, this is a good surprise.