Local patrons of Goody’s Family Clothing store might have to look elsewhere for fashion needs.

Various news reports in the past two days have stated the 287-store chain would be closing its stores in its 20-state service area by March. The chain will begin liquidating its stores Friday.

Goody’s No. 194 in Athens Manager Angela Hall referred all calls to Goody’s corporate office in Knoxville.

“Unfortunately, I’m not at liberty to comment,” said Goody’s Chief Marketing Officer Gary Yiatchos from his Knoxville office. “We will respond to wire service reports in the next day or two.”

As early as Dec. 12, the international publication “Women’s Wear Daily” reported that Goody’s, which filed for bankruptcy court protection in June, had run out of cash, credit and restructuring resources. The Knoxville, Tenn.-based chain emerged from bankruptcy on Oct. 20, having closed on a $175 million revolving exit credit facility provided by GE Corporate Lending and Bank of America. It also secured $10 million and $35 million exit term loans from other lenders.

According to the Associated Press, as part of its reorganization plan, the company closed and liquidated dozens of underperforming stores, shuttered a distribution center in Arkansas and a corporate office in New York. It also cut operating and corporate costs, ended its e-commerce business and an associated distribution center in Tennessee.

Tuesday’s Dow Jones Newswires attributed Cathy Hershcopf, bankruptcy attorney at law firm Cooley Godward Kronish LLP, as saying that the moderately-priced chain was unable to restructure terms with its creditors and is in the process of seeking bids to liquidate substantially all of its inventory and other assets.

The 59-year-old retailer has not sought bankruptcy protection for a second time and executives with the company are speaking with competitors about whether they would like to purchase some of the chain’s stores, said the AP.

Prentice Capital Management is the managing member of PGDYS Lending LLC, which has owned Goody’s since 2006.

The company has about 9,800 employees and operates 287 small department stores in about 20 states, mainly in strip malls in the Southeastern and Midwestern U.S.

Sales for fiscal 2007 were $904.7 million, according to Hoover’s.com online index of companies and industries.