November 19th, 2008 by Reed Allmand 
After sixty years in business, Harold’s Stores, Inc. filed for bankruptcy last Friday. Harold’s which has been a household name for generations of Dallas-Fort Worth residents, opened its first Dallas area store in 1977; but has been experiencing financial difficulties since the 1990′s. Last year, the company posted a $9.5 million loss on revenue of $82 million. As part of its bankruptcy, the Dallas-based men’s and women’s specialty retailer is starting a liquidation sale at its 43 stores in 19 states. That means another round of job losses for the Dallas-Fort Worth area as many retailers find it nearly impossible to eek out a profit in these economically turbulent times. Many retailers face bankruptcy as consumers tighten their spending and shop less even as the holidays approach.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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