As predicted last week, U.S. women’s apparel chain The Limited filed for Chapter 11 bankruptcy protection today in the United States Bankruptcy Court for Delaware on Tuesday, after closing all 250 stores, under case number 17-10124. See 10 Retailers to Watch for Possible Bankruptcy Filings in 2017.
This filing continues the trend in the competitive retail apparel industry with shrinking margins, high debt loads, and changing shopping habits of Baby-Boomers and Millennials.
Although The Limited’s stores are closing, the name may continue, as an affiliate of private equity firm Sycamore Partners agreed to provide a $25.75 million “stalking horse” bid for the company’s intellectual property, including trademarks, website address, and social media accounts. The auction regarding the same is expected to be held within 30 days.
It’s a good idea for commercial Landlords and trade creditors to speak with bankruptcy counsel now to ensure claims are properly filed and their rights protected.
Stark & Stark’s Bankruptcy & Creditor’s Rights Group can help. Our bankruptcy attorneys regularly represent landlords throughout the country, including recently in the District of New Jersey, Southern District of New York, District of Delaware, and Eastern District of Pennsylvania on a variety of issues. Most recently, our Group has represented landlords and trade creditors in the EMS, RadioShack, A&P, Joyce Leslie, and Sports Authority Chapter 11 bankruptcy cases.
For more information on how Stark & Stark can assist you, please contact Thomas Onder, Shareholder at (609) 219-7458 or tonder@stark-stark.com.
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