Goody's Family Clothing Inc., a retailer of moderately priced family apparel, is in the midst of its "Going-Out-of-Business" sales event.

Consumers will find "unprecedented savings on a broad selection of quality merchandise" in all 282 stores across 20 states, principally in the Southeast and Midwest, a news release said. The local store is in Pinecrest Plaza at Morganton Road and U.S. 15-501 in Southern Pines

Despite emerging from bankruptcy protection this past October, the continuation of the downturn in consumer spending along with the tightening of credit sources have left Goody's with no alternative but to cease operations, marking the end of the 55-year-old family business, the company said.

"In spite of our best efforts to turn around the company, in the end, the current retail environment proved to be too challenging," said Paul White, CEO of Goody's Family Clothing Inc. "I'd like to thank all of our employees for their hard work and dedication, and especially all of our customers for the support they have given us over the years."

White added that Goody's has always been about finding great brands at great values in convenient locations and that he hoped each and every customer would take advantage of the incredible values to be found on all merchandise in all stores during the "Going-Out-of-Business" sale.

Goody's has lowered prices on its entire inventory. Savings start at 40 percent off regular prices on such well-known national brands as Adidas, Levi's, Dockers, Chaps, Reebok, Lee and Alfred Dunner. The company also carries private brand collections that include Ivy Crew, Mountain Lake, Duck Head Jeans Co., and Kid Crew, as well as exclusive fashion brands, such as Ashley Judd.

Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, real estate and industrial sectors, and Hilco Merchant Resources, which provides a full suite of strategic services for retailers, are running the Going-Out-of-Business sale on Goody's behalf.

Founded in 1953, privately-held Goody's Family Clothing, Inc. is a retailer of moderately priced family apparel operating in small to mid-size markets primarily throughout the Southeastern United States.