January 11, 2018
San Antonio-headquartered A’Gaci, a women’s apparel and accessories retailer, filed for bankruptcy protection in an effort to reorganize $62 million in debt. The fashion retailer is seeking approval to close 49 of its 78 stores; 21 of its 34 stores in Texas are on the closure list. A’Gaci has been experiencing poor financial performance on a failed expansion, as well as problems from hurricanes.
A’Gaci chief merchandising officer David Won indicated that some of the stores could remain open if more favorable lease terms and rent reductions could be obtained from landlords. He called the bankruptcy “very costly and very painful.”
The company employs 2,100, including 1,900 in stores.