Phase Suppliers Inc filed for Chapter eleven individual bankruptcy late on Sunday, the newest casualty of the coronavirus pandemic following the collapse of luxury retail outlet chain Neiman Marcus and clothing retailer J. Crew Team Inc.
The lower price office retail outlet operator will find bids for the business or any of its property, whilst it also begins to wind down its functions, Phase Suppliers reported in a assertion.
The corporation listed the two property and liabilities concerning $500 million and $one billion, according to a submitting with the U.S. Individual bankruptcy Court for the Southern District of Texas.
“The increasingly hard current market setting was exacerbated by the COVID-19 pandemic, which required us to temporarily shut all of our retailers and furlough the huge vast majority of our associates,” Chief Executive Officer Michael Glazer reported in a assertion.
“Specified the disorders, we have been not