Another fashion retailer has landed in bankruptcy court: B. Lane Inc.
Lane, which does business as Fashion to Figure, filed its voluntary Chapter 11 petition on Monday in a federal bankruptcy court in New Jersey. The petition lists assets at between $1 million and $10 million, and liabilities estimated in the same range. Creditors were estimated at between 200 and 999. Also filing with the main debtor were six affiliates.
The company’s chief executive officer is Michael Kaplan.
According to the petition, Trac Fashion, located in Los Angeles, holds the largest unsecured claim at $507,394. Haute Fox Inc., also based in Los Angeles, has the second largest unsecured trade claim at $430,756.
No other document has been filed in the case, and it was difficult to gauge what its plans were for the future.
The year has been difficult for many retailers, particularly among specialty chains. Among those filing this year were True Religion, Papaya Clothing, Rue 21 and BCBG Max Azria. BCBG has since been acquired by brand management firm Marquee Brands, which kept the BCBG brand, but sold the Hervé Léger label to Authentic Brands Group.
Bridal firm Alfred Angelo filed a voluntary Chapter 7 petition to liquidate in July. And just last week, four creditors owed more than $805,000 in trade claims filed an involuntary Chapter 7 petition against Calypso St. Barth, forcing it into bankruptcy court proceedings.