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Anchor Blue Files Bankruptcy, Will Close 50 Stores
 Anchor Blue Retail Group, Inc., a young adult denim and casual apparel retailer, has filed for Chapter 11 bankruptcy. The Wall Street Journal reports that Levi Strauss & Co. is stepping in and buying the operating rights to 73 locations that had been licensed to Achor Blue.
If the acquisition is made, the deal would significantly boost the jeans maker's U.S. store count. As of Wednesday, Levi operated 17 Levi's locations and seven Dockers outlet stores. Anchor Blue and its predecessor companies had been Levi's outlet licensing partner since the early 1990s, according to Levi spokesman Jeff Beckman.
"The outlet channel is poised for continued growth over the near- and long-term," said Levi's President Robert Hanson. "We believe that this transaction will strengthen our ability to manage our brands' positioning effectively in the outlet channel" and "provide a profitable growth opportunity" for the company.
Levi's said the transaction, which involved Levi's and Dockers Outlet by MOST stores, included inventory, fixtures and equipment associated with the store. The transaction is expected to close in July.
The WSJ story says Anchor Blue will also be closing about 50 stores in states including Arizona, California and Florida. News of the Anchor Blue store closings is already hitting local newspapers - see here, here and here. California Apparel News also has an article about Anchor Blue's bankruptcy here.
Posted on May 31, 2009
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