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Oilily Files for Bankruptcy, Has Closed 8 Stores

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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.

Bankruptcies and Liquidations:

Potential Bankruptcies & Liquidation Impact: 1,526 confirmed closures out of about 2,948 stores

Announced Closings

Total Closings: up to 1,440 U.S. stores

Potential Impact of All Announcements to Date: 2,966 closures out of up to 4,388 potentially affected 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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