S&K Famous Brands Files for Bankruptcy Protection

Richmond, Va. -- Menswear chain S&K Famous Brands (SKFB Quote), which operates 135 stores in the East and Midwest, is filing for Chapter 11 bankruptcy protection, citing operational losses and challenges facing the retail market.

The Richmond, Va.-based chain filed for federal bankruptcy protection on Monday. The company attributed the move to difficulties that are plaguing many retailers, including tightening credit and slowed consumer spending.

S&K sells value-priced clothing.

In July, S&K announced initiatives to improve its performance. It said it would hire a strategic adviser, cut about 50 positions at its headquarters, change store locations, reduce inventory and redesign its stores.