Here’s what Women’s Wear Daily, a trade publication, reported Monday:

Searle, the Manhattan specialty retailer known for its coats, has filed for bankruptcy court protection.

The filing on Wednesday in a Manhattan bankruptcy court, under the name Searle Blatt & Co. Ltd., was a voluntary Chapter 11 petition. Also filing was an affiliate firm, Tom Jones Inc. The filing listed assets of between $1 million and $10 million, and liabilities in the same range.

Searle manufactures women’s ready-to-wear apparel and accessories, which are sold in the stores, under the Searle label, while Tom Jones operates the seven Searle retail sites in New York as well as the brand’s Web site.

“The debtors have been adversely impacted by the recent economic downturn,” Searle Blatt, president of both debtors, said in an affidavit. “Sales have dropped dramatically over the past 12 months. The holiday season, historically the high point of the year, did not reverse the trend, and the debtors were forced to reorganize.” Blatt said the debtors intend to continue operating their businesses.

Searle is carried at MI Place in Laguna Niguel and Newport Beach, according to its Web site.

MI Place owner Iris Frankel said she has been carrying the Searle brand for about nine months.  She carries mostly Searle dresses that range from $400 to $800. She said there have been no changes since the bankruptcy filing and that the brand is selling very well.

More from OC Retail:

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• Office Depot plans to close 112 stores
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• Clothing retailer to close as many as 100 more stores
• Downtown Disney store owner files for bankruptcy
• O.C. called 6th best U.S. market for mall owners
• Drugstore opens its first high-end beauty store in O.C.

For more from OC Retail, see list of links on right-hand side of this blog.

Posted in: Bankruptcy News |

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