BANKRUPTCY PROCEEDINGS DELAY KASPER ASL FILING
NEW YORK — Kasper ASL Ltd. filed with the Securities and Exchange Commission Friday a notice that it will submit its 10-K report for fiscal 2001 late due to Chapter 11 bankruptcy proceedings.
According to the late filing notice, the company expects to report a net loss for the year ended Dec. 29, 2001, of approximately $77 million, compared with a net loss of $25.2 million in fiscal 2000. Kasper reported it sustained a significantly larger loss last year due to restructuring, lower sales volume, greater promotional pricing and substantial write-downs of raw material inventories.
This is the second time Kasper has faced Chapter 11 in the past decade, but also its first opportunity to get out from under a $110 million debt load partly incurred through its acquisition of the Anne Klein labels in 1999. Under the reorganization plan, the corporate identity would also change to Anne Klein Group from Kasper ASL, as outstanding Kasper stock would be swapped for the newly issued shares of Anne Klein.
The Secaucus, N.J.-based women’s apparel maker, whose brands include Kasper, Anne Klein, A Line Anne Klein and Anne Klein 2, filed for bankruptcy court protection on Feb. 5.