NEW YORK – Tamara Mellon has filed for voluntary Chapter 11 bankruptcy protection in Delaware.
Mellon’s company, Tamara Mellon LLC, was launched in November 2013 and focused on women’s apparel, shoes, handbags and accessories. According to the filing, made late Wednesday, its largest shareholders are Mellon herself; Westerdale Inc. of London; Wilton Place Inc. of London; IPGL Investments USA Inc., also of London; Sandbridge Fund Acquisition LLC, and TM invest Inc. of Jersey, in the Channel Islands.
The filing indicated that the company has assets of $1 million to $10 million and 100 to 199 creditors owed $1 million to $10 million. The largest creditors are Hong Kong based apparel manufacturer Tak Fat Fashion Ltd., which is owed $197,528; Italian shoe producer Calzaturificio Ilaria, $126,500; quality control firm CCM srl, $107,891; photographers Sandbox Studios, $101,785, and corporate credit card issuer J.P. Morgan Chase Card Programs, $99,500.
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Under the reorganization plan filed with the prepackaged bankruptcy, Mellon plans to exit Chapter 11 in 60 days or less and form a new company, New TMB, that will own “certain marks, domain names and intellectual property rights” previously owned by Tamara Mellon and Tamara Mellon LLC. In the meantime, the company expects to continue operating with no layoffs of employees.
The reorganization plan must be approved by the bankruptcy court.
“We will use this brief period of reorganization so we can position ourselves to take advantage of our new growth strategy and ensure the long term vibrancy of our brand,” Mellon said in a statement. “We expect that we will emerge from this stronger than ever in 60 days or less, and all of us at Tamara Mellon look forward to pursuing our passion long into the future.”
Only earlier this week Mellon, who made a significant fortune by building Jimmy Choo into a global luxury accessories brand, had opened a pop-up shop for her brand at the W Hotel South Beach as part of Art Basel Miami, the latest in a string of pop-ups for her firm.