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.


Weekend News & Notes
by David Bodamer June 1st, 2009
Here are some news and notes on retail and retail real estate from around the Web over the weekend.
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