RETAILING: Sale of the Century

As it rumbles toward court-ordered liquidation next month, W.T. Grant Co. has taken on a bustle that belies its status as the second biggest bankruptcy (after the wreck of the Penn Central Transportation Co.) in U.S. history. The once giant retailer, now reduced to 155 stores, mainly in the Northeast (down from almost 1,100 nationwide five months ago), is conducting the sale of the century—and the going-out-of-business sale of all time. Goods are moving briskly at discounts of up to 60%, as bargain-hunting customers snap up everything from towels to television sets....

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