FORT WORTH — The Dunlap Company - Texas confirmed in a news release on Monday it has begun the process of closing 38 stores in eight states.
That count includes the Dunlaps in Heartland Mall at Early and 20 other Texas stores.
Going out of business sales have been going on for almost a month at various Texas stores, including the Dunlaps store in Heartland Mall, but officials have refrained from confirmation that the stores were closing.
Stores are expected to close within the next several weeks, although an official date has not been determined.
“Sadly, the inability to secure ongoing financing leaves us with no option but to plan for an orderly winding down of our enterprise, and we’ve informed our employees that their Dunlaps store will be closing down over the next several weeks,” said Reg Martin, chairman of The Dunlap Company - Texas, whose family has operated the firm since 1921.
“We’d like to thank our loyal customers for their patronage over the years and also thank our employees who have enabled us to play important roles in the lives of our customers and communities for generations,” Martin said.
According to the release, Dunlaps has enjoyed one of the longest runs in American retail history. The company was founded as a general store in 1890 in what became Oklahoma.
The company has stores located in small to mid-sized communities in Alabama, Arkansas, Arizona, Colorado, Kansas, New Mexico, Oklahoma and Texas. In many cases, according to the release, Dunlap Company retail outlets have been the primary department stores for decades in those communities. Associated stores include longtime retail brands MM Cohn, Stripling & Cox, Rogers, Clark’s, Schreiner’s, Kerr’s, Kline’s, The White House and Gabriel’s.
The Dunlap Company - Texas has engaged Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, real estate and industrial sectors, to manage the storewide closings and disposition of all assets.
Merchandise has been marked down 30 to 60 percent. In addition to retail inventory, Gordon Brothers Group will sell all store fixtures, the release said. DJM Realty, Gordon Brothers Group’s real estate division, will handle disposition of all the leases. Information on all properties is available at www.djmrealty.com.