Fab-Knit Ltd., Reebok Internationals team uniform licensee, last week filed for Chapter 11 Bankruptcy protection in U.S. Bankruptcy Court in Texas. The company, which does business as Reebok Team Uniforms, listed assets and debts in the $1 million to $10 million range. RTU employs 130 people. The principal secured creditors are listed as McLennan County for $99,113 in real and personal property taxes, Wells Fargo Business Credit ($2.0 million), and First National Bank of Central Texas ($856,081).
The top 10 trade debtors include Royal Park Uniforms ($364k), Joe-Anne ($180k), Victor Woolens ($168k), NFL Europe ($150k), McComb Mills ($124k), Gametime Fabrics ($113k), KM Ashraf ($72k), Yarrington Mills ($71k), Omnova Solutions ($65k), and Adele Knits ($31k).
Fab-Knit picked up the Reebok license in 1997 to manufacture and sell a range of Reebok team uniforms and Reebok team jackets to the institutional market.
>>> Reebok International was mum on the deal, but sources close to the relationship indicated that the company would stick with Fab-Knit through the process…