In a surprise move today, Houston retailer Garden Ridge Corporation filed a chapter 11 case in the Bankruptcy Court in Delaware. The initial docket in the case is here.
Garden Ridge is one of those companies that is difficult to figure out. Rapid expansion, high margins, and good locations (for example, generally near WalMart Super Centers). On the other hand, there is literally nothing in the stores that interests me in the slightest, although my wife would point out that that is meaningless because I hate to shop. The filing in Delaware indicates to me that the company’s financing entities may be a driving force behind this move. Stay tuned.