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Reuters: Clothing Chain Love Culture Files Bankruptcy, May be Sold

July 17, 2014, 07:35 AM
Filed Under: Bankruptcy

Reuters reports that Love Culture Inc on Wednesday filed for Chapter 11 bankruptcy, becoming the latest women's apparel retailer to seek protection from creditors. The article notes  that the clothing chain may be sold after having received interest from possible buyers.

The Reuters article cites the court filing in which the company's chief restructuring officer, Rick Bunka, said sales remain below projections, while vendors in April began curbing credit and demanding payment for goods faster or upon delivery, leading to "significant liquidity challenges."

Love Culture said it plans during the bankruptcy process to close money-losing stores, restructure its debt and investigate options  that include a possible sale of substantially all of its assets as a going concern.

Love Culture's advisers include PricewaterhouseCoopers LLC and the law firm Lowenstein Sandler.

To view the entire article from Reuters, click here.

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