Annie special economic zones and Afaze clothing store the employer's Mandee, lead from the influence of Superstorm sandy for chapter 11 bankruptcy protection on Monday.
The big M company, toto tile, New Jersey, New Jersey in the us bankruptcy court in the petition,. It in an E-mail statement says it intends to continue to operate the store, and expected "to be a stronger company."
, however, court documents, the company "going to consider all the strategic choice, its business and maximize the value of property," language often see is an index, sales enterprise is possible.
The family have retailers said, before the court put on record, began restructuring process in November 2011, in the economic recession weaken its business and unprofitable. Cut costs, refinancing debt, renegotiate the agreement, the sale of assets, and closed in 2012 the 27 under-performing stores.
Court documents say, these steps put it when sandy dozen road to profit. Late October storm shut down most of the stores in New Jersey, New York and Connecticut a week or longer, with offices and distribution center. Three shop closed for a month, in the basis of co., LTD., continue to work.
The big M said it run out of its resources in the deposit back to operation, but the business never rebound. The company also said that, in the file, it does not collect insurance company, part of the reason is in the west port insurance corporation (FDIC), the United States holding company, the Swiss reinsurance unit credit amount of differences
West port in an E-mail statement said, this is the ongoing negotiations and big M storm ", to timely, impartially resolves sandy related claim."
File for bankruptcy protection requirements of the union, reduce the insurance business and the lack of big M operation, without the need for cash, especially in the key during the holiday. Clothing retailers usually in more than 20% of the annual sales during the holiday season, according to the national retail federation.
The big M estimated income for 12 months, as of January 26,, about 19.2 billion dollars. According to the report about 15 million us dollars of debt.
The company said it has seen it through the bankruptcy procedure arrangement SALUS Capital Partners, 2011 restructuring aid offer as much as $13.2 million credit.
Mandee, out-of-the-money apparel retailer, is mainly to cater to young women. Older women shoppers' Annie special economic zones and Afaze appeal.
The big M, founded in 1948, in the United States eight states business 129 stores, a staff of about 1200 employees, including about 490 full-time employees. About 250 workers to join a trade union.



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