BANGALORE (Reuters)-women's clothing, Urban Brands Inc. filed for Chapter 11 bankruptcy protection in the United States Court early Tuesday after three straight loss-making company.
The company's liabilities to the region in the list of estimated 100-$ 500 million and the estimated funds, $ 10-50 million in the procedure of the Court of documents showed.
Urban Brands Ashley Stewart plans to unit and market plus size women's fashion clothing and has more than 200 shops are located in the urban areas of New York to Los Angeles.
Ashley Stewart brand strength, even if the clothing company began suffering liquidity issues as the economic situation deteriorated, according to court papers.
Even though in 2009 Urban Brands improve its 2008 net loss 44,3 million dollars, it has yet to make the euro area million dollars loss and sales fell by 174.6 million dollar 179.6 million $.
Urban Brands said, now available is the best way to keep your business as a going concern and increases the size of the undertaking's assets by sale.
The company said it had signed binding letter of intent with new Ashley Stewart LLC from the sale of assets.
Urban Brands, said it expects to acquire an asset at the time of the purchase contract to carry out new Ashley or soon after the date of the bankruptcy petition.
Fashion clothing also reiterated the maker of the Court was filed, to ensure the continuity of the "the best opportunity to maximize the sales takes you on a tour of the year" n–1 "creditors and keep the jobs of thousands of workers."
Case is in re: Urban Brands Inc., case No. 10-13005, the United States Bankruptcy Court, District of Delaware.
(Sakthi Prasad in Bangalore, reports, Will Waterman editing)
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