AGNEW GOES BANKRUPT
By Adnews Staff
The Agnew Group footwear chain filed for bankruptcy last week after weak Christmas sales and in the face of growing competition. Forty stores have been closed and receiver Coopers & Lybrand is looking for potential buyers while it manages the retailer. Before the company filed for bankruptcy it operated 240 stores across Canada under the Agnew, Aggies, Ashton, Agnew Surpass and Agnew Family banners. Advertising for Agnew was done by Johnson Adams Nicholson of Brantford, Ont. The shoe seller spent $254,000 on advertising in 1994, according to A.C. Nielsen estimates. The bankruptcy comes two years after Agnew emerged from legal protection from creditors and launched a restructuring that eliminated 50 stores. Agnew owes creditors about $60 million, including debt forgiven in the last restructuring but reactivated when the company declared bankruptcy.