Big M Inc., the family-owned company that operates Annie Sez and Mandee clothing retailers, filed for Chapter 11 bankruptcy protection after failing to recover from losses due to Hurricane Sandy,
the
New York Business Journal
reported.
The company operates 129 stores in eight states and has 1,200 employees, 250 of whom are unionized, the article said.
The company was already in the midst of a restructuring before the storm, the article said. According to the journal, in 2012 Big M “cut costs, refinanced debt, sold property and closed 27 stores.”
Citing a Bloomberg report, the journal article said the company, based in Totowa, N.J., had assets and liabilities of as much as $100 million each.
Big M was founded in 1948 by brothers Leon, Max and Bernard Mandelbaum and is still owned by the Mandelbaum family.
Alan Mandelbaum, the chairman, said in a statement that he expects to emerge from bankruptcy “as a stronger company,” the journal article said. (Source:
New York Business Journal,
Jan. 8, 2013.)
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