US: Asian creditors seek Ellen Tracy bankruptcy
Women's apparel brand Ellen Tracy Ellen LLC is facing an involuntary bank bankruptcy petition from three Asian manufacturers who claim the company owes them $3.8m.
US news reports say the creditors, who are based in China and Hong Kong, have filed papers at a US Bankruptcy Court in New York calling for the Chapter 7 liquidation of the women's wear firm.
The creditors include Shanghai K&J Apparel Co, Chinamine Trading, Shanghai Mandarin Fashion Limited and Excellent Jade Limited.
Liz Claiborne sold the Ellen Tracy brand in February 2008 to a group of investors led by Windsong Brands and Hilco Consumer Capital, along with Radius Partners and the private investment office of Barry Sternlicht.
The resulting company, Ellen Tracy LLC, operates as a wholly owned subsidiary of Fashionology Group LLC, a new company set up to manage the brand.
The consortium also formed another company, Brand Matter, to manage, market and license Ellen Tracy's intellectual property.
But last month, Brand Matter sold the operational division of the Ellen Tracy business to RVC Enterprises and licensed RVC to produce the brand's women's better and bridge sportswear lines.
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