Tamara Mellon wanted a quick trip through bankruptcy to reorganize her business and that’s just what she got.
After filing for Chapter 11 protection in early December, the firm has reemerged with a new partner: venture firm New Enterprise Associates.
The designer said the “decision allows us to transition our business model to focus on direct sales to customers via online platforms and company-operated stores. We look forward to implementing this revitalized approach, shortening the design and manufacturing process, and further enhancing our mission to provide customers with the fashion they want to wear, now.”
The company raised $24 million in 2013, but the money didn’t last.
Court papers filed by the company last month noted: “TMB needs additional funding…to accomplish the brand’s goal of becoming a vertically integrated high fashion e-commerce brand and survive as a viable going concern. Despite its best efforts, TMB has not been able to secure additional funding outside of Chapter 11.”