BREAKING: G-Star Raw File For Chapter 11 Bankruptcy
CALIFORNIA, UNITED STATES — G-Star Raw Retail Inc. sunk into insolvency Friday, filing for Chapter 11 protection from creditors in the wake of the coronavirus shutdown.
G-Star, which is based in Los Angeles and filed for bankruptcy there, did not lay out just what sent it to court in its initial filings, but fashion retailers of all stripes were hit hard in pandemic, which forced the closure of stores across the country.
The company clearly did not have enough wiggle room in its finances to survive the blow.
G-Star listed its sales last year at $68 million with a $2 million profit.
The largest creditor listed in its bankruptcy is its landlord at 475 Fifth Avenue in New York, owed $426,007.
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