Regional discount clothing store Dots, which began in Cleveland in 1987 and grew to 400 stores, has filed for bankruptcy protection, court papers say. The ( Cleveland ) Plain Dealer reported Tuesday that Dots has filed for Chapter 11 protection and closed 30 under-performing stores, while it seeks a buyer to help restructure its debt. The company employs about 4,000 workers, including 200 at its headquarters in Glenwillow, Ohio . Most of its stores are in the Midwest, East and Southeast. When it opened its new headquarters in 2009, Rick Bunka , then the firm's president, said the plan was to build up a business with 1,000 stores. That plan has not materialized. "The filing is the best option available to restructure certain operations, preserve the business as a going concern and maximize the value of the enterprise by pursuing a sale," said Dots' Chief Executive Officer Lisa Rhodes in a statement. "We are in the process of turning the business around, and the filing is another step toward doing that," she said. The Plain Dealer said Dots has secured $36 million in debtor-in-possession financing from Salus Capital , which is intended to keep the company going during its restructuring.
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