Peter Manning New York Files for Chapter 11 Bankruptcy
Peter Manning New York, a men's fashion chain known for its proprietary size system, has filed for Chapter 11 bankruptcy. The filing was submitted in the U.S. Bankruptcy Court for the Southern District of New York on Aug. 19, according to reports from The Street, as cited by both Mechanicsburg Patriot News and Staten Island Advance.
The company reports approximately $138,000 in assets against roughly $3.1 million in liabilities, according to court disclosures. While smaller than competitors like Men's Wearhouse and JoS. A. Bank, Peter Manning operates stores in New York and Washington DC, has announced plans to expand into Boston, and also runs an online business.
Founded in Brooklyn in 2013, the company specializes in casual and formal wear using a size system based on height, weight, and body type. The company has not publicly commented on the reasons for the bankruptcy, but its largest creditors include the landlord at 933 Broadway LLC (owed over $783,000), vendor Kam Caine Hong Kong Ltd. (over $276,000), e-commerce platform Shopify (over $247,000), 19-20 Bush Terminal Owner LP (over $230,000), and Lever Style Ltd., a supplier that filed a lawsuit against the company, owed about $150,000.
Bankruptcy Details
The Chapter 11 filing allows the company to reorganize while continuing operations. The bankruptcy petition lists assets far below liabilities, reflecting a significant financial shortfall. The company's plans to expand into Boston may be affected, though the filing does not specify any changes.
Background
Peter Manning New York was founded in Brooklyn in 2013, catering to a niche market. The company's size system aims to serve a demographic often overlooked by mass-market retailers. It has contended with major competitors, but the bankruptcy filing indicates financial challenges.
The list of creditors includes a search landlord and a supplier that has initiated legal action. The just action from Lever Style Ltd. may have contributed to financial difficulties, but the company has not disclosed the cause of its financial problems.
Conclusion
As the bankruptcy case unfolds, the future of the company's stores and planned Boston expansion remains uncertain. The Chapter 11 process provides an opportunity for the company to restructure and may allow it to continue serving customers.