Fashion to Figure Receives Court Approval to Begin “TOTAL LIQUIDATION SALE”

Fashion to Figure Receives Court Approval to Begin “TOTAL LIQUIDATION SALE”

PR Newswire

NEW YORK, Nov. 22, 2017 /PRNewswire/ – It was announced today that New York based Fashion to Figure will close its remaining 19 stores across 6 states following a total liquidation of the Company’s inventory.  On Wednesday, a U.S. Bankruptcy Court judge in New Jersey approved an order authorizing a joint venture of SB Capital Group, LLC, and 360 Merchant Solutions, LLC, to conduct “Total Liquidation” sales in each of the Fashion to Figure locations. Millions of dollars of inventory will be liquidated. The “Total Liquidation” will begin immediately, starting Wednesday, November 22.

Founded in New Jersey and headquartered in Manhattan, B. Lane Inc., d/b/a Fashion to Figure voluntarily filed for Chapter 11 protection on Monday, November 13, 2017. At the time of the filing, the plus-size retailer operated 26 stores as well as a highly popular ecommerce site at www.fashiontofigure.com.  Immediately following the filing of the Chapter 11, the Company closed 7 locations and consolidated store inventory into the remaining 19 locations.  SB Capital and 360 plan to operate “Total Liquidation” sales in the 19 Fashion to Figure stores, and will operate the ecommerce site as part of the total liquidation.

“Fashion to Figure has exceptional name recognition with the plus-size shopper,” said Siegfried Schaffer, a Principal of SB Capital Group. “The ecommerce business extended the popularity of the brand to woman across the country. We believe the name, coupled with compelling discounts on everything in the stores, will make Fashion to Figure a holiday destination for women seeking quality fashion at exceptional value.”

Aaron Miller, a Principal of 360 Merchant Solutions, pointed out that “trendy plus-size fashions are in higher demand than the supply. Fashion to Figure helped bring fast fashion to the plus-size shopper. With aggressive discounts for the holiday season, we believe the Fashion to Figure woman will find all of her favorite full-fashion options at never before seen prices.”

Fashion to Figure was co-founded in 2004 by brothers Michael and Nicholas Kaplan, great-grandsons of Lena Bryant, the founder of the plus-size clothing chain Lane Bryant. Fashion to Figure has become well known for providing full-fashion options for women’s plus-size clothing and related accessories. The store’s name was derived from a quote Lena Bryant made in a 1950 interview in which she stated, “You should never ask women to conform their figures to fashion, but rather bring fashion to the figure.”

Several factors contributed to the bankruptcy filing and the ultimate decision to close the stores.  The Company believes a significant impairment occurred from an ill-timed expansion at a time when retail is changing, and many retailers are shrinking their store base.    

SB Capital Group, LLC, a Schottenstein affiliate, is a leader in the field of asset recovery, rescue finance, restructuring and strategic store closing events. With principals who are equity stakeholders in retail enterprises, consumer products, franchising, licensing and real property, SB Capital Group leverages resources and depth of experience to provide services across a wide spectrum of industries. www.sbcapitalgroup.com

360 Merchant Solutions, LLC, is one of the country’s leading consulting, business evaluation, asset acquisition and asset disposition firms for wholesalers, manufacturers and retailers. 360 is timely, flexible and creative in offering solutions to companies of all sizes. 360’s management and partners have managed thousands of stores and billions of dollars in wholesale and retail inventory. www.360merchants.com

 

View original content:http://www.prnewswire.com/news-releases/fashion-to-figure-receives-court-approval-to-begin-total-liquidation-sale-300561076.html

SOURCE SB Capital Group, LLC

Takata Encourages Creditors to Visit TKRestructuring.com/PPIC Website for Information on Chapter 11 Cases

Takata Encourages Creditors to Visit TKRestructuring.com/PPIC Website for Information on Chapter 11 Cases

Canada NewsWire

WILMINGTON, Del., Nov. 6, 2017 /CNW/ — On June 25, 2017 (the “Petition Date“), TK Holdings Inc. and certain of its affiliates (collectively, the “Debtors“) filed chapter 11 cases (the “Chapter 11 Cases“) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court“). The Debtors are subsidiaries of Takata Corporation, a Japanese corporation engaged in the manufacture and sale of automotive components, including airbag inflators. Takata Corporation filed a bankruptcy proceeding in Japan.

The Debtors encourage individuals who own, or may have owned, vehicles equipped with certain airbag inflators manufactured by the Debtors or their affiliates that contain phase-stabilized ammonium nitrate (“PSAN Inflators“) to visit the website tkrestructuring.com/PPIC and carefully review information about the Chapter 11 Cases and the process for filing a proof of claim against the Debtors. Information on this website is available in 22 languages, and interested individuals may register their email addresses to receive notifications of important developments in the Chapter 11 Cases.

The Bankruptcy Court has established the following deadlines for filing proofs of claim against the Debtors:

(a) For claims against any of the Debtors other than (i) claims of Governmental Units (as defined below) and (ii) claims that relate to or arise from PSAN Inflators manufactured by the Debtors of their affiliates prior to the Petition Date (“PPIC Claims“), the deadline to file a proof of claim is November 27, 2017 at 5:00 p.m. (Eastern Time);

(b) For PPIC Claims, the deadline to file a proof of claim is December 27, 2017 at 5:00 p.m. (Eastern Time); and

(c) For claims against any Debtor asserted by a governmental unit (as defined in Bankruptcy Code section 101(27)), the deadline to file a proof of claim is December 22, 2017 at 5:00 p.m. (Eastern Time) (the “Governmental Bar Date“).

Individuals should contact their local dealership to determine if they have a PSAN Inflator. For more information about recalls of PSAN Inflators (including information about obtaining a replacement inflator), visit www.AirbagRecall.com, https://www.nhtsa.gov/recall-spotlight/takata-air-bagshttp://www.tc.gc.ca/eng/motorvehiclesafety/safevehicles-defectinvestigations-1433.htmlhttp://www.mlit.go.jp/en/jidosha/vehicle_recall_17.html, respond to the recall notice (to the extent you received one), or contact your local dealership.  The Chapter 11 Cases should not impact the ability of drivers to get replacements for recalled PSAN Inflators free of charge.

 

View original content:http://www.prnewswire.com/news-releases/takata-encourages-creditors-to-visit-tkrestructuringcomppic-website-for-information-on-chapter-11-cases-300548018.html

SOURCE TK Holdings

View original content: http://www.newswire.ca/en/releases/archive/November2017/06/c6767.html

Takata Encourages Creditors to Visit TKRestructuring.com/PPIC Website for Information on Chapter 11 Cases

Takata Encourages Creditors to Visit TKRestructuring.com/PPIC Website for Information on Chapter 11 Cases

PR Newswire

WILMINGTON, Del., Nov. 6, 2017 /PRNewswire/ — On June 25, 2017 (the “Petition Date“), TK Holdings Inc. and certain of its affiliates (collectively, the “Debtors“) filed chapter 11 cases (the “Chapter 11 Cases“) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court“). The Debtors are subsidiaries of Takata Corporation, a Japanese corporation engaged in the manufacture and sale of automotive components, including airbag inflators. Takata Corporation filed a bankruptcy proceeding in Japan.

The Debtors encourage individuals who own, or may have owned, vehicles equipped with certain airbag inflators manufactured by the Debtors or their affiliates that contain phase-stabilized ammonium nitrate (“PSAN Inflators“) to visit the website tkrestructuring.com/PPIC and carefully review information about the Chapter 11 Cases and the process for filing a proof of claim against the Debtors. Information on this website is available in 22 languages, and interested individuals may register their email addresses to receive notifications of important developments in the Chapter 11 Cases.

The Bankruptcy Court has established the following deadlines for filing proofs of claim against the Debtors:

(a) For claims against any of the Debtors other than (i) claims of Governmental Units (as defined below) and (ii) claims that relate to or arise from PSAN Inflators manufactured by the Debtors of their affiliates prior to the Petition Date (“PPIC Claims“), the deadline to file a proof of claim is November 27, 2017 at 5:00 p.m. (Eastern Time);

(b) For PPIC Claims, the deadline to file a proof of claim is December 27, 2017 at 5:00 p.m. (Eastern Time); and

(c) For claims against any Debtor asserted by a governmental unit (as defined in Bankruptcy Code section 101(27)), the deadline to file a proof of claim is December 22, 2017 at 5:00 p.m. (Eastern Time) (the “Governmental Bar Date“).

Individuals should contact their local dealership to determine if they have a PSAN Inflator. For more information about recalls of PSAN Inflators (including information about obtaining a replacement inflator), visit www.AirbagRecall.com, https://www.nhtsa.gov/recall-spotlight/takata-air-bagshttp://www.tc.gc.ca/eng/motorvehiclesafety/safevehicles-defectinvestigations-1433.htmlhttp://www.mlit.go.jp/en/jidosha/vehicle_recall_17.html, respond to the recall notice (to the extent you received one), or contact your local dealership.  The Chapter 11 Cases should not impact the ability of drivers to get replacements for recalled PSAN Inflators free of charge.

 

View original content:http://www.prnewswire.com/news-releases/takata-encourages-creditors-to-visit-tkrestructuringcomppic-website-for-information-on-chapter-11-cases-300548018.html

SOURCE TK Holdings