Children's Retailer Best & Co. Files Bankruptcy Proceedings
Upscale children's retailer Best & Co. has filed
for Chapter 7 bankruptcy proceedings in order to liquidate the company.
Children's Clothing Acquisition Co., doing business as Best & Co., filed a Chapter 7 petition for liquidation Friday in New Jersey and estimated assets and liabilities each of between $1 million and $10 million. The filing also said creditors holding unsecured nonpriority claims totaled nearly $2 million.
Among the creditors listed, but without dollar amounts, are: staffing firm 24 Seven Inc., New York; specialty retailer Bergdorf Goodman, New York, and modeling agency Ford Models Inc., New York. Other creditors include Susan Hilfiger of Greenwich, Conn.; Hickey Freeman Co., Chicago, part of bankrupt Hartmarx Corp., and trim firm The Farber Corp, New York.
As reported, Best & Co.'s 4,800-square-foot flagship high-end children's boutique, at 289 Greenwich Avenue in Greenwich, abruptly closed on Saturday. The firm also shuttered its catalogue and online business in recent days, which its Web site attributed to "technical difficulties."
A spokeswoman for Bergdorf's said since Best & Co. filed Chapter 7, Best & Co. at Bergdorf's will close. The details have not been finalized at this point. Bergdorf's Best & Co. merchandise ran the gamut from baby caps and booties for $18 to blankets and playsuits for $48 to vintage cashmere jackets for $198.
Best & Co. was origianlly founded in 1879 as a department store. It evolved through many changes over the years and was purchased by Hilfiger in 1997. It was later sold to FAO Schwartz, and most recently was owned by Toys 'R' Us. The store was known for its high-end, high quality children's wear. The sketch above is by Peter Som, who was one of the many designers that created looks for the retailer. It's a shame that yet another well-known, established American retailer is having to liquidate. But the recession has caused demand for such items as cashmere baby blankets to plummet.
