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The luxury apparel retailer joins such names as Neiman Marcus, J.Crew, J.C. Penney, and Chuck E. Cheese to file for bankruptcy over the past few months.
The firm has identified 248 stores that are set to be shuttered.
The Norwalk company filed for Chapter 11 last week, at the end of which its shares were trading at 22 cents, compared with $2.69 on April 17, 2019.
The Norwalk company lists total debt of $21.9 billion against assets of $17.4 billion. It plans on using the Chapter 11 filing to “generate sufficient liquidity from the restructuring to meet our obligations and operating needs.”
The corporation reported assets valued in the $10-50 million range, and has an estimated range of 1,000-5,000 creditors.
The chain's stores in Stamford and Pelham Manor will remain open during the bankruptcy process.
The company's portfolio includes Zest soap, VO5 hair care products, and licensing agreements with such entertainment-related properties as Star Wars, Spider-Man and Hello Kitty.
The iPic theater at Rivertowns Square in Dobbs Ferry will be showing its last movie on Sunday, after its parent company, iPic Entertainment Inc.,...
Destination Maternity listed $260.2 million in assets and $244 million in debts in its bankruptcy petition.
Connecticut Attorney General William Tong said, “We will oppose any attempt to avoid our claims, and will continue to vigorously and aggressively pursue our claims against Purdue and the Sackler family.”
David’s Bridal, which specializes in wedding dresses, prom gowns, and other formal wear, has stores in Yonkers and Middletown, in New York and in Danbury, Connecticut.
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