Amsterdam Dutch apparel brand Oilily filed for bankruptcy protection on Friday for its U.S. division, Oilily USA, and has closed its store on Manhattan’s Madison Ave. The filing comes only two months after the retailer’s parent company, Oilily B.V., filed for bankruptcy in Holland.
The U.S. division, which reported assets of between $1 million and $10 million, owes funds to more than 200 creditors. The company also has debts exceeding $10 million.
The bankruptcy filing is an attempt to keep the company, which sells clothing for infants, children annd women, afloat. After closing eight retail locations over the last few months, Oilily is attempting to renegotiate its remaining 25 leases nationwide.
“The good news is we have no secured creditors, we have cash, and we intend to stay in operations and successfully emerge from Chapter 11,” said Marilyn Simon, the lawyer handling bankruptcy proceedings for Oilily.