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13 months into Chapter 11, creditors are hopeful
Lamonts Apparel Inc. has sold its Alderwood Mall store site as part of a restructuring that creditors hope could bring it out of Chapter 11 bankruptcy protection later this year.
The Bellevue-based retailer, in Chapter 11 since January 1995, sold the Alderwood real estate for $5 million and will now lease its 60,000-square-foot store. In another move, it is preparing to close its poorly performing store in Eugene, Ore., next month.
Now operating 43 stores - down from 57 before the bankruptcy filing - Lamonts' current management seems to have the confidence of creditors, who've been waiting more than a year for …