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Innovation Luggage Files for Bankruptcy

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Innovation Luggage Inc. is packing it up. The retailer, which touts itself as America's largest luggage dealer, filed for Chapter 11 bankruptcy protection Wednesday. The Secaucus, N.J.-based company listed assets between $1 million and $10 million, along with liabilities within the same range.

The filing lists a handful of New York-based firms as some of its largest creditors, including Briggs and Riley Travel, Jack Resnick & Sons, Ogden Capital Properties and Jeffries Morris Inc.

In December, the 53-year-old company closed one location on West 57th Street and Broadway. Four other stores, in New Jersey and Connecticut, were shuttered around the same time. The retailer plans to use the filing to restructure and renegotiate the leases for its 10 remaining stores, including one at East 42nd Street and Second Avenue, according to a source within the company.

Link.

The announcements so far:

Bankruptcies and Liquidations:

Potential Bankruptcies & Liquidation Impact: 1,231 stores

Announced Closings

Total Closings: up to 679 U.S. stores

Potential Impact of All Announcements to Date: up to 1,910 U.S. stores

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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