B. Moss Clothing Files for Bankruptcy

B. Moss Clothing Files for Bankruptcy
December 03, 2008

Secaucus, N.J.-based B. Moss Clothing Co. Ltd. recently filed for bankruptcy protection and said it plans to liquidate, citing a downturn in consumer spending, according to a Reuters report. The women's clothing retailer is seeking court permission to begin going-out-of business sales at all of its stores this month and close most stores by the end of the year, according to court papers filed in the U.S. Bankruptcy Court of New Jersey. The family-run retailer, which was founded in 1939, operates 70 stores throughout the United States and employs more than 700 people, according to court papers. Company executives recently tried to sell B. Moss, but a potential buyer told the company in November it was unable to get financing to complete the deal due to a lack of credit availability, according to court documents. The company also said it suffered from sales declines and a failed attempt to diversify its merchandise. It listed $13 million in assets and $10.3 million in debt.

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