S&K Famous Brands Inc. will close all 105 of its S&K Menswear stores in 26 states, including five in the Charlotte region. The company has begun a going-out-of-business sale that will continue until all merchandise is sold. S&K's local stores are at The Centrum mall in Pineville, Valley Hills Mall in Hickory, Concord Mills in Concord, Northlake Mall in Charlotte and Matthews Township Festival in Matthews.

Joseph A. Oliver 3rd was fired as president and chief executive officer of S&K Famous Brands Inc. Stuart Siegel and his family are putting together a bid to purchase the company out of bankruptcy and install Howard Rose, vice president of real estate at S&K and a nephew of Siegel's, as CEO. Jonathan M. Tibus of Alvarez & Marsal North America was installed as chief restructuring officer. Siegel will assume 'an unpaid full-time executive position with the company' to provide support. The appointment of Tibus must be approved by the U.S. Bankruptcy Court for the Eastern District of Virginia. The former CEO had been with the company for three years and has served as chief executive for one-and-a-half years.

S&K Famous Brands Inc. has repaid a credit line used in bankruptcy and can continue operating without the threat of liquidation currently. The company is also actively scouting for a buyer or investor who could help the company emerge from bankruptcy court protection. The company filed for Chapter 11 bankruptcy February 9. The president and CEO said that S&K could be sold for about $3 million.