Two more Crazy Shirts stores to be closed

By Andrew Gomes
Advertiser Staff Writer

The purchaser of Crazy Shirts Inc. has rejected two more store leases, in addition to four stores previously closed by Crazy Shirts in its bankruptcy reorganization.

Only The Best Inc., a company affiliated with Hawai'i retailer Waikiki Trader Corp., will not assume leases for a Las Vegas store that closed Sunday and for an outlet store next to Costco in Salt Lake where the lease is due to expire at the end of the month.

Crazy Shirts had recently closed four other stores — two in Waikiki, one in Hale'iwa and one in Guam. Only The Best plans to operate about 40 remaining stores as Crazy Shirts.

Crazy Shirts notified the bankruptcy court of the changes in a filing yesterday. Other leases rejected include two former store locations in California now subleased and one small storage space also in California.

Only The Best expects to complete its purchase of the 40-year-old local apparel manufacturer and retailer on Monday, following a 10-day appeal period in which the sale could be challenged.

No appeal is expected.

A bankruptcy judge earlier this month approved the purchase by Only The Best for $6.75 million in cash plus other considerations that could add as much as $3.5 million, depending on sales performance of stores and a real estate transaction.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.