The former parent company of Hartstrings, the company that in 2009 partnered with Tori Spelling to develop children’s wear line Little Maven, is in liquidation mode.
The Philadelphia-based firm on Thursday filed a voluntary Chapter 7 liquidation petition in a Delaware bankruptcy court. The petition was filed under the name HS of Delaware.
The petition listed just $3,584.55 in assets and $39.4 million in liabilities. The license agreement for Little Maven by Tori Spelling was listed as an asset, but with an unknown valuation.
The brand Hartstrings itself is not involved. According to Bill Finkelstein, chief operating officer of the Parigi Group, its subsidiary Parigi Enterprises LLC purchased the Hartstrings trademarks, inventory, accounts receivables and 23 leases on April 18. Finkelstein said Hartstrings and the KC Parker apparel line, which targets the tween market, will continue in operation. Little Maven was not part of the Parigi purchase and its future is uncertain.
Hartstrings was founded in 1979 by Peggy Hart Earle. Kevin Mahoney, former chief executive officer of the firm, last month joined Not Your Daughter’s Jeans as president.