TrafficCourt

Oilily Files for Bankruptcy, Has Closed 8 Stores

Oilily USA, which owes money to over 200 creditors, cited assets between $1 million and $10 million, along with debts of more than $10 million.

After closing eight retail locations over the last few months, Oilily is attempting to renegotiate its remaining 25 leases nationwide.

“The good news is we have no secured creditors, we have cash, and we intend to stay in operations and successfully emerge from Chapter 11,” said Marilyn Simon, the lawyer handling bankruptcy proceedings for Oilily. She explained that the bankruptcy filing of the parent company contributed to a downward spin for Oilily's U.S. arm, but after a restructuring, the company aims to survive independently of Oilily B.V.

Link.

Bankruptcies and Liquidations:

Potential Bankruptcies & Liquidation Impact: 1,526 confirmed closures out of about 2,948 stores

Announced Closings

Total Closings: up to 1,440 U.S. stores

Potential Impact of All Announcements to Date: 2,966 closures out of up to 4,388 potentially affected U.S. stores

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish