Women’s Wear Daily
04.17.2014
financial
financial

Bankruptcy Watch

Companies strong enough to outlast the Great Recession were well-tuned for the challenges ahead of them.

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Companies strong enough to outlast the Great Recession were well-tuned for the challenges ahead of them. Still, a few succumbed to financial pressures in 2013 as the long, slow recovery continued in the U.S. and Europe. Most of these have found new homes or other ways to remain in business.

Among the limited number of casualties:

NICOLE FARHI: The fashion brand filed for the U.K. equivalent of Chapter 11 bankruptcy protection in July and was almost immediately acquired by Maxine Hargreaves-Adams, owner of Fenn Wright Manson and A Damsel in a Dress, which she purchased in 2012 and earlier this year, respectively.

BIG M INC.: The owner of the Mandee Shops, Annie Sez and Afaze nameplates filed for Chapter 11 bankruptcy protection in early January after a nasty one-two punch, with the difficult implementation of a merchandising information system followed by the calamitous impact of Superstorm Sandy. The company has moved ahead with plans to reorganize.

LIPMAN OPERATING LLC: The company housing marketing guru David Lipman’s advertising agency, Lipman, in September filed a voluntary Chapter 7 bankruptcy petition, which included parent company Revolate Holdings Inc. as a related entity. Lipman has begun scouting new opportunities.

MARITHÉ + FRANÇOIS GIRBAUD: After filing for the equivalent of Chapter 11 bankruptcy protection in 2012, the French company was ordered to liquidate in November. The founders and company president Denis Noharet are seeking to resurrect the brand with new backing.

BUILDING #19: The 10-unit closeout chain filed for Chapter 11 bankruptcy protection in Boston in November. Saying its stores in New England were unable to compete in the area of Internet shopping, it set itself on a course for liquidation.

MY-WARDROBE.COM: The British online fashion retailer entered the U.K. equivalent of bankruptcy proceedings and was immediately bought by Growth Capital Acquisitions Ltd. in November.

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