Friedman's to close 165 outlets

- Friedman's Inc. will close up to 165 jewelry stores in 17 states and sell more than $25 million in stock as part of its Chapter 11 reorganization.

The closings would leave Friedman's with 481 stores in 20 states.

Friedman's filed for Chapter 11 protection on Jan. 15 in the U.S. Bankruptcy Court in Savannah.

Friedman's, which trails only industry leaders Zale Corp. and Signet Group in size, was started in 1920 and was family owned until 1990, when it was bought by Morgan Schiff, which also owns Crescent Jewelers of Oakland, Calif.

On the Net:

Friedman's Inc.: http://www.friedmans.com