• OILILY IN BANKRUPTCY: Olly’s Holding USA Inc., which operates the Oilily stores in the U.S., on Thursday filed for Chapter 11 bankruptcy court protection in Manhattan. The children’s and women’s specialty chain operates 25 stores. Its former parent Oilily BV filed for bankruptcy in April in Holland. The trustee in the Holland case sold the shares of Olly’s Holding USA Inc. to IRP BV, a Dutch firm. The bankruptcy petition lists assets of between $1 million and $10 million, and liabilities of between $10 million and $50 million. Court documents said the debtor has $300,000 in cash for operations.

This story first appeared in the June 1, 2009 issue of WWD. Subscribe Today.

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