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-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 thefor its 10 remaining stores, including one at East 42nd Street and Second Avenue, according to a source within the company.
The announcements so far:
Bankruptcies and Liquidations:
Potential Bankruptcies & Liquidation Impact: 1,231 stores
Total Closings: up to 679 U.S. stores
Potential Impact of All Announcements to Date: up to 1,910 U.S. stores