Harold's files for bankruptcy

Monday, November 10th 2008, 7:43 pm
By: News 9

By Gan Matthews, NEWS 9

NORMAN, Okla. -- Businesses are cutting back or closing all over Oklahoma. In Norman a store that is more like an icon may soon be closing its doors.

The Harold's clothing store on campus corner nearly closed last April over a dispute over its lease. Since then that issue has been resolved, but a new one has risen. Parent company Harold's Inc. in Dallas has filed bankruptcy for all of its 41 companies.

The selling out signs went up in windows Friday, the same day the corporation filed for bankruptcy.

"I think Harold's is more of an icon, and also a tradition for a lot of people that have been coming to games for over 60 years," Campus Corner Merchants President Helen Wolney said.

Generation of college students have shopped at Harold's. Now, shoppers are taking advantage of the liquidation discounts, and some are reflecting on what it meant.

"It's been an institution for so long on campus," Harold's customer Ben Sutherland said.

Retail patterns have been changing and Harold's upscale, preppy styles may have been overtaken by other fashion trends.

Harold's Web site is no longer taking orders.

Harold's bankruptcy filings show that currently its liabilities exceed its assets by almost $20 million.