VAN MOSMAN FILES PETITION FOR CHAPTER 11
NEW YORK — Van Mosman Merchandising Inc., a small costume jewelry manufacturer, has filed for Chapter 11 protection here, citing a dispute with its landlord.
In court papers, Van Mosman, which listed liabilities of $938,677, including unsecured debt of $614,109 and assets of $893,264, said its landlord at 53 West 23 St. filed suit after Van Mosman tried to terminate its lease.
The Chapter 11 filing was made to put that suit on hold and allow Van Mosman to use the bankruptcy to reject the lease and move into a smaller space, the company said.
Van Mosman said the filing would also allow it to undertake a complete restructuring of its operations. The firm noted that sales have been stuck at $3.4 million the past two years while costs have been rising. — Fairchild News Service