FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Annie Sez Retailer Files Chapter 11, Seeks Approval for $13.2MM Salus Capital Loan

January 08, 2013, 07:49 AM
Filed Under: Bankruptcy

Reuters reports Big M Inc., the owner of the 129 Mandee, Annie Sez and Afaze women's clothing stores filed for bankruptcy after Superstorm Sandy cut into the New Jersey-based company's sales and derailed its turnaround.

The company was forced to close many locations for a week after Sandy cut through the New York City metropolitan area on Oct. 29. Big M also placed blame for its bankruptcy filing on its insurer for the insurers failure to promptly paying its claims related to the storm, according to court documents.

Big M launched a restructuring in 2011 of its operations, which have been hit by the sluggish U.S. economy. The company had closed approximately 27 stores, according to documents filed with the U.S. Bankruptcy Court in Newark, NJ.

To finance its bankruptcy, the company will ask for court approval to borrow up to $13.2 million from Salus Capital Partners.

Big M was founded by Leon, Max and Bernard Mandelbaum after their return from World War II. The company remains a family business.

The company anticipates gross revenues for the year to January 26 of approximately $192 million, according to court documents. It listed both assets and liabilities of between $50 million and $100 million in court records.

Big M Inc. employs 1,200 full-time and part-time employees.



Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.