WWD reports that Searle has filed for bankruptcy. The upscale coat and women's outerwear retailer has several locations in Manhattan and is evaluating whether or not they will need to close any stores.
"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.
"Everything is being reevaluated, but we haven't made any decisions yet," said Rick Weinstein, Searle's director of sales and marketing. Asked whether Searle would consider shedding any of its locations, Weinstein said: "We are considering everything."
Crain's New York says Searle is seeking protectoin from over 100 creditors. Searle's website is currently running sales with offers of up to 80% off.
