Editing Caldor (section)

===Sale and filing for bankruptcy===
In 1989, [[May Department Stores]] (which was Associated Dry Goods' successor upon merging with May in 1986) announced it would sell Caldor to a group that included Odyssey Partners and [[Donaldson, Lufkin & Jenrette]].<ref>{{Cite news| issn = 0362-4331| last = Barmash| first = Isadore| title = May Stores To Sell Its Caldor Unit| work = The New York Times| accessdate = 2018-12-04| date = 1989-10-12| url = https://www.nytimes.com/1989/10/12/business/may-stores-to-sell-its-caldor-unit.html}}</ref> As the 1990s emerged, Caldor would run into troubles. In 1995, Caldor filed for [[Chapter 11]] bankruptcy protection.<ref>{{cite news|url=https://www.nytimes.com/1995/09/19/business/caldor-files-for-chapter-11-protection.html|title=Caldor Files For Chapter 11 Protection|date=September 19, 1995|work = The New York Times|accessdate=January 3, 2015}}</ref><ref>{{cite web|first=Karen|last=Lundegaard|url=http://www.bizjournals.com/washington/stories/1997/03/03/story8.html|archiveurl=https://web.archive.org/web/20021120234750/http://www.bizjournals.com/washington/stories/1997/03/03/story8.html|title=Caldor at Seven Corners may become next Sears|website=[[Washington Business Journal]]|archivedate=November 20, 2002|date=February 1997|accessdate=June 7, 2024}}</ref> The chain found itself unable to compete with the lower prices and wider selection of such stores as [[Wal-Mart]] (which had acquired several former Caldor stores), causing a dramatic loss in sales. Caldor also had trouble meeting its financial goals, and losses mounted. Shortly before filing for bankruptcy, Caldor had $1.2&nbsp;billion in assets and $883&nbsp;million in liabilities, the lowest amount of assets and the highest amount of liabilities the company had had since it was sold. In 1996, Caldor closed 12 underperforming stores due to the bankruptcy. In 1997, Caldor closed two underperforming stores in New York City.<ref>{{cite news |last1=Chen |first1=David W. |title=Caldor, in 700-Job Trim, Says It Will Close 2 Stores |url=https://www.nytimes.com/1997/02/12/nyregion/caldor-in-700-job-trim-says-it-will-close-2-stores.html |website=[[The New York Times]] |date=February 12, 1997 |access-date=16 May 2022}}</ref>