Innovation Luggage Inc. is packing it up. The retailer, which touts itself as America's largest luggage dealer, filed for Chapter 11 bankruptcy protection Wednesday. The Secaucus, N.J.-based company listed assets between $1 million and $10 million, along with liabilities within the same range.The filing lists a handful of New York-based firms as some of its largest creditors, including Briggs and Riley Travel, Jack Resnick & Sons, Ogden Capital Properties and Jeffries Morris Inc.
In December, the 53-year-old company closed one location on West 57th Street and Broadway. Four other stores, in New Jersey and Connecticut, were shuttered around the same time. The retailer plans to use the filing to restructure and renegotiate the leases for its 10 remaining stores, including one at East 42nd Street and Second Avenue, according to a source within the company.
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The announcements so far:
Bankruptcies and Liquidations:
- Jan. 7, Goody's liquidates, closing 287 stores
- Jan. 8, Against All Odds files for bankruptcy protection, operates 64 stores overall, plans to close West Coast stores
- Jan. 13, Shane Co. files for bankruptcy, operates 23 stores
- Jan. 14, Gottschalks files for bankruptcy, operates 58 stores
- Jan. 16, Circuit City to Liquidate, closing 567 stores
- Feb. 6, Fortunoff, operates 20 stores
- Feb. 6, Bruno's, operates 66 stores
- Feb. 12, S&K Famous Brands, operates 136 stores
- Feb. 17, Innovation Luggage, operates 10 stores
Potential Bankruptcies & Liquidation Impact: 1,231 stores
Announced Closings
- Jan. 8, New York & Co., 50 stores
- Jan. 8, Macy's, 11 stores
- Jan. 9, Supervalu, 50 stores
- Jan. 13, Cost Plus, 26 stores
- Jan. 20, Yankee Candle, 28 Illuminations stores
- Jan. 21, Filene's Basement, 11 stores
- Jan. 22, Phillips-Van Heusen, 175 stores
- Jan 22, Brown Shoe, up to 35 Famous Footwear stores
- Jan. 26, Home Depot, 48 stores
- Jan. 29, Starbucks, 200 U.S. Stores (plus 100 international)
- Jan. 29, Chico's, up to 25 stores
- Feb. 9, Talbots, 20 stores
Total Closings: up to 679 U.S. stores
Potential Impact of All Announcements to Date: up to 1,910 U.S. stores
