Oilily Files for Bankruptcy, Has Closed 8 Stores

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.

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Bankruptcies and Liquidations:

• Jan. 7, Goody's liquidates, closing 287 stores
• Jan. 8, Against All Odds files for bankruptcy protection, operates 64 stores overall, plans to close West Coast stores
• Jan. 13, Shane Co. files for bankruptcy, operates 23 stores
• Jan. 14, Gottschalks files for bankruptcy, operates 58 stores, Update: March 31, Gottschalks will liquidate
• Jan. 16, Circuit City to Liquidate, closing 567 stores
• Feb. 6, Fortunoff, operates 20 stores
• Feb. 6, Bruno's, operates 66 stores
• Feb. 12, S&K Famous Brands, operates 136 stores; Update: Feb. 19, plans to close 30. Update: May 26, plans to close rest.
• Feb. 17, Innovation Luggage, operates 10 stores
• Feb. 23, Ritz Camera, operates about 1,000 stores; Update, April 6, closing 300 camera stores and 120 Boater's World stores
• March 6, Joe's Sports & Outdoor, operates 30 stores
• March 25, Bi-Lo, operates 215 stores
• April 13, Z Gallerie, operates 56 stores
• April 13, Ultra Stores, operates 181 stores
• May 5, Filene's Basement, operates 25 stores, sold 17
• May 28, Anchor Blue, operates 177 stores, closing 50
• May 29, Oilily, operates 33 stores, closed 8

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

Announced Closings

• Jan. 8, New York & Co., 50 stores
• Jan. 8, Macy's, 11 stores
• Jan. 9, Supervalu, 50 stores
• Jan. 13, Cost Plus, 26 stores
• Jan. 20, Yankee Candle, 28 Illuminations stores
• Jan. 21, Filene's Basement, 11 stores
• Jan. 22, Phillips-Van Heusen, 175 stores
• Jan 22, Brown Shoe, up to 35 Famous Footwear stores
• Jan. 26, Home Depot, 48 stores
• Jan. 29, Starbucks, 200 U.S. Stores (plus 100 international)
• Jan. 29, Chico's, up to 25 stores
• Feb. 9, Talbots, 20 stores
• Feb. 24, Jimmy'Z, 11 stores
• Feb. 24, Z. Gallerie, 25 stores
• Feb. 25, Zale Corp., 115 stores
• Feb. 26, Gap, 50 net closings
• Feb. 27, Sears, 44 stores
• March 3, Virgin Megastores, 6 stores
• March 6, Ann Taylor, 37 stores in 2009, 163 total by end of 2010
• March 18, Drug Fair, 11 stores
• March 23, Pier 1, 80 stores
• April 3, Rite Aid, 117 stores
• April 21, Kirkland's, up to 40 stores
• April 29, Jones Apparel Group, 225 stores

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