REVILLON UNIT BUYS MARTHA'S NAME; LAST STORE SEEN SHUTTING IN MID-NOV.
Byline: Rich Wilner
NEW YORK--Triomphe Fourrures Inc., a unit of Revillon Inc., has purchased the Martha's name for $60,000, setting the stage for the closing of Martha's last store, in Palm Beach, Fla. The store is expected to close by mid-November, according to attorneys working on the case. Martha executives were not available for comment. Triomphe operates Maximilian fur salons exclusively at Bloomingdale's. The parent Revillon operates fur salons exclusively at Saks Fifth Avenue. Claude Potier, president of Revillon, said Wednesday that Revillon purchased the Martha's name in case the company decides to operate fur salons at other retailers, which would require another brand. Martha's, an established upscale trade name, could be used, Potier said. He also said the company might do a "small private label fur collection with the Martha name at either Saks or Bloomingdale's." However, there are no current plans for the name. Martha's closed three of its four stores soon after it filed for Chapter 11 reorganization in December 1992. Two were on Park Avenue in New York, and the third was in Bal Harbour, Fla. Continued losses at the remaining store convinced creditors and the court to liquidate instead of attempting a reorganization. Triomphe Fourrures's purchase includes the copyrights, trademarks and use of the Martha name in any form, including Martha Phillips. No substantive assets remain and Bankruptcy Judge Cornelius Blackshear has scheduled a hearing Nov. 17 to decide whether to appoint a Chapter 7 trustee or simply dismiss the case. Martha's unsecured creditors are not expecting a payout since banks' secured claims far exceed assets. --Fairchild News Service
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