New Delaware Chapter 11 Filing – Aerogroup International, Inc.

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Aerogroup International, Inc., along with five of its affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-11962).  Based in Edison, NJ, the Debtors comprise a women’s footwear brand which whose products are retailed through various channels, including 78 Debtor-owned stores and the Debtors’ e-commerce platform.   The Petition reports $50 million to $100 million in assets and $100 million to $500 million in liabilities.  According to the First Day Declaration, the Debtors intend to liquidate their retail stores and pursue a reorganization or § 363 sale built around their e-commerce and wholesale businesses.  The Debtors have engaged Hilco Merchant Resources, LLC as their exclusive liquidating agent for the store closing sales.  Prime Clerk, LLC is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Kevin J. Carey.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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