Against All Odds USA Inc., an operator of urban apparel and footwear retail stores, filed in U.S. Bankruptcy Court in Newark, NJ. The chain has about $38 million in assets, and $35.9 million in liabilities. The chain operates 64 stores in shopping malls in eight Eastern and two Western states, and had estimated sales of $114 million in 2008, according to court documents.
In court papers obtained by Sports Executive Weekly, officials of the Moonachie, NJ-based company said a slowing economy, increased competition and an expansion into a new market with an unfavorable business environment led it to file for protection.
Factoring firm The CIT Group on Dec. 10, 2008 sued Against All Odds in the U.S. District Court of New Jersey for failing to pay $2.4 million owed in accounts receivables. CIT's factoring clients include Phat Farm, Zoo York, Ecko, Enyce and Element Skateboards.
According to the bankruptcy filing, the 20 largest unsecured creditors are owed a total of $10.6 million. Wicked Fashions is listed as the largest unsecured creditor, owed $3.9 million, followed by the factoring firm.
