Bachrach Acquisition, the owner of the bankrupt Bachrach men’s specialty store chain in operation for 133 years, said Monday that a Manhattan bankruptcy court has scheduled an auction of the retailer’s assets for Feb. 22.
The firm, founded in 1877 and known for its catalogue as well as its stores, filed a voluntary Chapter 11 petition on May 6. The auction will be held at 10 a.m. at the Manhattan offices of its bankruptcy counsel, Platzer, Swergold, Karlin, Levine, Goldberg & Jaslow.
Bachrach Acquisition acquired the assets of Bachrach Clothing Inc. in June 2006 through a Chicago bankruptcy court auction, just over a year after it was acquired by Sun Capital Partners Inc. from the Bachrach family.
Brian Lipman, chief executive officer of Bachrach Acquisition, said in a court affidavit filed last year that the factors contributing to the bankruptcy were the “substantial loss of sales due to the nation’s broad economic downturn and the debtor’s inability to purchase new inventory due to a reduction of the debtor’s line of credit.”
The company operated 49 stores at the time its Chapter 11 petition was filed.
For the year ended Dec. 31, 2008, Bachrach posted a loss of $10.7 million on sales of $46.9 million.
Wells Fargo provided a $6.5 million debtor-in-possession financing facility.
Simon Property Group in Indianapolis is listed as the largest unsecured creditor, holding a claim of $1.2 million. Other real estate investment trusts among the top unsecured creditors are General Growth Properties, Chicago, $671,674; Taubman, Bloomfield Hills, Mich., $380,099, and Macerich Partnership, Los Angeles, $324,711.
Also in the top 20 list is CIT Group/Commercial, New York, at $462,056.
Wells Fargo Bank, New York, is the top secured creditor, holding a $6.2 million pre-petition claim. Also on the top five secured creditors list is Bachrach Investors, New York, $220,000, and Weatherproof Garment Co., Bay Shore, N.Y., $692,237.
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)