Corp., which owns licenses for brands such as
Jack and Timberland, filed for Chapter 7 bankruptcy protection. In documents filed
with U.S. Bankruptcy Court in the Southern District of New York, the company, which
makes men's and kid's apparel, listed assets of $32 million and debt of $44.6
million.
Under
rules, Chapter 7 bankruptcies typically result in liquidation or a sale of
assets, rather than reorganization.
According
to the filing, gross sales for Block totaled $104.5 million in 2008, a 12% drop
from the previous year.
The
Tupelo, Miss.-based Block, which operates its sales office at a
22,100-square-foot suite on
owes money to more than 200 creditors, including nearly $503,000 to New
York-based menswear company Geoffrey Beene. In February, Geoffrey Beene
announced it had moved its men's trousers and shorts licensing from Block to
India-based House of Pearl Fashions.
One of
was originally founded in the 1920s as Block Shirts in
name for itself targeting the big & tall customer and licensing for
well-known brands. It currently holds the licenses for 18 brands. Its website
listed its brands as: American Blue, Alexander Julian, Botany
500, Dakota Blues, Duck, Duck, Goose, Geoffrey Beene, Henry Grethel, Hobie, Hobie
Kids,
Jack Guide and Outfitter, Stanley Kids, Thomson, Thomson Rainy Day Wools, Timberland
PRO, Van Heusen and
Block makes a workwear line under the Timberland Pro name.
