Home / Knowledge / News / Apparel/Garments / Anchor Blue to sell its assets through Chapter 11
Anchor Blue to sell its assets through Chapter 11
Jan '11
Anchor Blue Inc and its parent, Anchor Blue Holding Corp, a specialty retailer of casual apparel and accessories for the teenage market, today announced that the Company has filed a petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code with the Bankruptcy Court for the District of Delaware.

In connection with the filing, Anchor Blue plans to implement the orderly liquidation of all of the Company's assets, and has begun going out of business sales at all of its retail stores. All Anchor Blue stores are stocked with fashionable merchandise, and will remain open for business in the immediate future, with strong discounts offered to consumers to sell off the inventory and maximize store sales throughout the wind-down period. The Company has requested full authority to pay employee wages and benefits on an uninterrupted basis through the end of the wind-down process.

Anchor Blue said that when it emerged from a restructuring in August 2009, the Company worked to implement a series of initiatives to position the business for future growth, including introducing new merchandise, reducing overhead costs, launching a new store concept, and bolstering its executive team.

However, Anchor Blue has continued to face strong headwinds from product promotions and discounts offered by larger retailers and unusually disruptive weather conditions in Southern California where the majority of its stores are located. Additional capital was injected into the business in November 2010 to help Anchor Blue through the holiday season, but the Company suffered severe sales declines in December which further eroded its financial position.

After extensively exploring alternatives following thorough consultation with its legal and financial advisors, Anchor Blue determined that an orderly sale of its assets through a Chapter 11 process is the most prudent and effective means of maximizing value for the Company's stakeholders.

Legal advisors to Anchor Blue were Morgan Lewis, and financial advisors were FTI Consulting.

Anchor Blue Inc is a specialty retailer of casual apparel and accessories for the teenage market. Founded in 1972, the Company has 117 stores primarily located in California. Anchor Blue offers a great assortment of well-priced fashion basics with West Coast style in a fun environment.

Anchor Blue Inc

Must ReadView All

Surat textile traders urge PM to analyse impact of GST

Textiles | On 28th May 2018

Surat textile traders urge PM to analyse impact of GST

Textile traders from the man-made fabric hub of Surat have urged...

Karnataka garment workers seek minimum wage hike

Apparel/Garments | On 28th May 2018

Karnataka garment workers seek minimum wage hike

Garment workers in Karnataka are demanding that the newly formed HD...

Amazon debuts on Fortune 500 top 10 list

Apparel/Garments | On 28th May 2018

Amazon debuts on Fortune 500 top 10 list

American e-marketplace Amazon has cracked Fortune 500’s top 10 list...

Interviews View All

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search