Fashion brand Ellen Tracy was forced into bankruptcy today in reaction to investors looking to liquidate it. The company has been ordered to submit asset lists to a judge later this month. Ellen Tracy has been in business since 1949.
The bankruptcy comes just a day after Ellen Tracy announced a deal with Macy's to produce a new sportswear line.
Block Corporation, a holding company for numerous apparel brands, filed for Chapter 7 bankruptcy this week. The move is usually a precursor to a corporate liquidation. Block Corp owns licenses for 18 well-known brands including Izod, Van Heusen, Panama Jack, Geoffrey Beene, Hobie, Timberland and Botany 500. Detailed information has not been released.
Online retailer Home Decor Products is closing all nine of its businesses. The company filed for Chapter 7 bankruptcy Thursday and has begun liquidating assets. Home Decor, which had more than $83 million in sales last year, considered but rejected a Chapter 11 filing that would have kept the business operational.
Home Decor Products' sites, including HomeClick.com, AbsoluteHome.com, Barbecues.com, PoolClick.com, are not accepting orders, and the sites have a variety of messages posted on them, from goodbyes to "temporarily for browsing only" announcements. The corporate web site at HDPI.com has been taken offline.
This is a strange one. Dial-a-Mattress, infamous for their late-night commercials, saw sales fall to $100 million, from $170 million two years ago, and now:
Creditors filed an involuntary Chapter 7 bankruptcy petition against Dial-a-Mattress last week, seeking $1.7 million. The company is seeking to convert that to a Chapter 11 reorganization.The company, somehow, only has assets of $9.37 million--and owes more than that.Sleepy's said in a statement on Tuesday that it would provide debtor-in-possession financing to help Dial-a-Mattress operate. The financing is subject to bankruptcy court approval.
Meadowbrook Farms, a cooperative of more than 200 family hog farm members who used a central processing plant in Illinois, has filed for chapter 7 bankruptcy. The cooperative owed its members money, having had a cash crunch shortfall because of a large default by a purchaser.
Dial-A-Mattress, the well-known mattress retailer who owns 1-800-MATTRESS and 1800mattress.com, has had an involuntary Chapter 7 bankruptcy motion filed against it by three of its creditors. The trio are reportedly angry that 1800mattress.com is not paying its bills. Just last week Dial-A-Mattress announced a plan to be sold to a business entity called Dial Mattress Acquisition LLC, which promised a "swift" injection of cash to keep the company running.
The bankruptcy filing does not affect 1800mattress.com franchisees throughout New England, who noted business continues as usual at their stores.
Nineteen-door Chernin's Shoe Outlet has filed chapter 7 bankruptcy and will liquidate all stores. The company had a presence in seven states and has been in business since 1907.
Jeweler Christian Bernard, which filed for bankruptcy in December, has had its liquidation plan approved and is reopening its stores to clear out merchandise. The company closed all its doors when it filed Chapter 7 the day after Christmas.
Kira Plastinina, a teen fashion label launched with much fanfare in 2008, lasted only seven months before filing for Chapter 7 bankruptcy last week. Plastinina, a 16-year-old designer, was financially backed by father. He reportedly suffered significant losses in the credit crisis and dropped his backing for the brand's United States stores.
KP Fashion rapidly opened 12 stores and had a high-profile debut, with celebrities garnering interest in the label. In line with the bankruptcy filing most of the outlets have already closed.
Fashion house Bill Blass shut down and is liquidating alongside a Chapter 7 bankruptcy filing. The company ceased operating last week and laid off all employees. Parent company NexCen recently closed a $10 million licensing deal for the Bill Blass name, so the brand will likely continue to exist, despite the closure of the legendary couture company.
Regional jeweler Christian Bernard filed for Chapter 7 bankruptcy the day after Christmas. The company began its bankruptcy investigations prior to the holiday, and the filing says the chainlet's 15 stores "appear to be unsustainable."
KiS Golf, which operated indoor golf facilities in six states, converted from Chapter 11 to Chapter 7 bankruptcy this week and is liquidating assets. The shift in plans surprised many people, including irate customers with pricy membership plans.
San Diego restaurant chainlet Boll Weevil closed all six company-owned locations and is filing for bankruptcy. The company, which dates to 1967, once had 19 restaurants. Boll Weevil had a history of financial trouble, including two previous bankruptcy filings and an insurance incident in 1997 that temporarily closed a dozen doors. This is the last go-round, however; the company plans a liquidation under Chapter 7 law.
Perhaps none of these will heavily affect consumers, but a lot of filings came over the wires yesterday:
Regional department store Mervyn's, having previously entered Chapter 11 bankruptcy, is expected to convert to Chapter 7 and proceed with a full liquidation of assets. The chain had already closed 26 stores and put their locations up for sale.
Teen retailer Forever 21 was recently considering a purchase of 150 Mervyn's stores in an expansion move, but no deal was closed.
