High-end accessories firm Lambertson Truex on Thursday filed a Chapter 11 petition in a Delaware bankruptcy court, and its exit strategy is a sale of the company.
Giuseppe Bonfiglio, president, said the company has been actively courting potential partners.
“We have been approached by several private equity firms who share our confidence and ability to reorganize and restabilize in the short-term,” he said.
Lambertson Truex was formed 10 years ago and Samsonite Corp. took a majority stake in the firm in 2006. A call to Samsonite seeking comment wasn’t returned. Founders John Truex and Richard Lambertson are still with the firm as creative directors.
Rumblings about a possible filing started in early February. Bankers at the time said one problem that contributed to “liquidity issues” was the quick rollout of stores after Samsonite took control of the firm.
In an affidavit by Maurice Dembsky, Lambertson Truex’s director of finance, the company said it shuttered its Los Angeles and Las Vegas stores around Feb. 25. The New York store on Madison Avenue remains open at Samsonite’s request because it hopes to lease it to another tenant. Until then, Samsonite is paying the rent and real estate taxes for the New York store.
The company’s Web site continues to operate. It said the wholesale business and online operation are profitable.
Dembsky said that due to the extreme downturn in the global economy, even those who used to seek out the “highest quality product” are now in the “shy spending” mode. He also said the company was unable to obtain credit for its wholesale operations.
The company said it has “determined that it will not pursue [debtor-in-possession] financing to sustain its post-petition operations.” With the closure of the two retail stores, the company said it had “determined that it has adequate cash flow to fund itself during the Chapter 11 proceeding pending a sale.”
Samsonite is the top unsecured creditor at $17.9 million. Next are the landlords for the two shuttered stores: $4.7 million for the Los Angeles store at 8457 Melrose Place and $2.5 million for the Las Vegas store at The Shoppes at The Palazzo, which owner General Growth Properties is attempting to sell.
According to the petition, estimated liabilities are $10 million to $50 million and estimated assets are between $1 million and $10 million.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews