Oilily's US Division Files For Chapter 11 Bankruptcy Protection
Crain's New Yorkreports that the U.S. division of Dutch clothing brand Oilily filed Chapter 11 bankruptcy protection on Friday. The retailer has closed eight stores and is negotiating leases on its 25 remaining locations.
Oilily USA, which owes money to over 200 creditors, cited assets between $1 million and $10 million, along with debts of more than $10 million.
After closing eight retail locations over the last few months, Oilily is attempting to renegotiate its remaining 25 leases nationwide.
"The good news is we have no secured creditors, we have cash, and we intend to stay in operations and successfully emerge from Chapter 11," said Marilyn Simon, the lawyer handling bankruptcy proceedings for Oilily. She explained that the bankruptcy filing of the parent company contributed to a downward spin for Oilily's U.S. arm, but after a restructuring, the company aims to survive independently of Oilily B.V.
Oilily's 1,000 square foot 820 Madison Ave. store closed earlier this month. Daddytypes.com has a photo of the closed store. Oilily's list of U.S. stores can be found here.
Crain's New York 
