DALLAS, Nov. 11 /PRNewswire/ -- Harold's, an 18-state chain of traditional, classic styled ladies and men's specialty apparel stores for customers between the ages of 30 and 50, announced today that it is closing its doors for good. Yesterday, an Oklahoma bankruptcy court approved plans for the 60-year-old retail chain to begin a storewide Going-Out-of-Business sale. Two stores will close in Missouri.

"Increased competition and a weak economy have left us no choice but to cease operations," stated Ronald S. Staffieri, Chief Executive Officer of Harold's Stores, Inc. "We'd like to thank our loyal customers for their many years of patronage by offering incredible values on merchandise in all stores. As always, our knowledgeable Associates will provide our customers with the same high level of service."

Sales started storewide this past Saturday, November 8th and will continue until all merchandise is sold. Consumers can find unheard of savings on quality apparel for men and women. Everything from women's coordinated sportswear, dresses, outerwear, shoes and accessories to men's tailored clothing, furnishings, sportswear and shoes will be on sale.

Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, real estate and industrial sectors is managing the Going-Out-of-Business sales on behalf of Harold's.

"This historical event will mark the end of an era," said Joe McLeish, Managing Director at Gordon Brothers Group. "Great values can be found on traditional, classic styled ladies and men's specialty apparel from a retailer that takes pride in helping their customers feel good about the way they look."

All sales are final. No returns will be accepted with the exception of purchases made prior to November 8, 2008, provided those returns occur by November 22, 2008.

Harold's store closing sales are going on now at the following locations: Kansas City (Country Club Plaza, 336-40 West 47th Street) and St. Louis (Plaza Frontenac, 1701 S. Lindbergh Boulevard).

About Harold's Stores, Inc.

Harold's Stores, Inc. is an 18-state chain of traditional, classic styled ladies and men's specialty apparel stores. Since 1948, Harold's has worked hard to help its customers feel good about the way they look, reflect their lifestyle and give them the confidence that come from looking their best.

About Gordon Brothers Group

Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial, and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, making private equity investments, and operating businesses for extended periods. Gordon Brothers Group conducts over $40 billion in transactions and appraisals annually.

SOURCE Gordon Brothers Group