New Delaware Chapter 11 Filing – Limited Stores Company, LLC
Limited Stores Company, LLC, along with two of its affiliates, filed voluntary petitions for Chapter 11 relief in the Bankruptcy Court for the District of Delaware earlier this morning (Case No. 17-10124-KJC). The Debtors are a multi-channel retailing company operating under the trade name “The Limited” and specialize in the sale of women’s clothing. According to the First Day Declaration, the Debtors, like a number of retailers in recent years, have faced significant issues such as declining mall traffic and sales because of increased consumer preference for internet based retail. The Debtors enter bankruptcy with dual goals: the orderly wind down of their brick and mortar business and the sale of their intellectual property and e-commerce assets. The Debtors ran a competitive sale process pre-petition and have filed a Motion for Sale of their IP and e-commerce assets to Limited IP Acquisition LLC. Donlin, Recano & Company, Inc. is the proposed claims 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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