The company, based in Mansfield, Massachusetts, today listed $233 million in assets and $1.5 billion in debts as of July 31 in U.S. Bankruptcy Court in Wilmington, Delaware.

"The recession has caused a severe decline in consumers purchasing travel-related goods and the company has responded to this critical situation with a substantial restructuring program," Kyle Gendreau, chief financial officer of Samsonite Corp., said in a statement.

Samsonite had been hit hard by a decline in travel due to the credit crunch, and, as a result, had risked breaching its banking covenants with RBS this summer. Negotiations to save the ailing brand had been taking place since January, and reports were circulating that Samsonite was ready to go into administration, the U.K. equivalent of Chapter 11. Last month, Samsonite sold Lambertson Truex to Tiffany & Co. after putting it up for sale in December, and, earlier this year, Tim Parker was named as executive chairman of the brand.

Parker, well-known for his cost-cutting strategies and his restructuring experience, was formerly chief executive of CVC companies AA and Kwik-Fit. An industry source familiar with the situation said Samsonite was now on "firm footing" and "nowhere near" Chapter 11. "The problem has been resolved," the source said. CVC and RBS spokesmen both declined to comment on Monday.

"It's true we're considering selling our stake in Lambertson Truex," said Richard Brett, global vice president of marketing and communications at Samsonite's offices in London. "We want to focus on our core volume brands and brand extensions." Samsonite has several brands under its luxury Black Label line, including lines designed by Alexander McQueen and Viktor & Rolf.

Richard Lambertson, who founded Lambertson Truex a decade ago with John Truex, confirmed that the company is for sale. When it was purchased by Samsonite in 2006, industry sources estimated the brand to have annual sales of $50 million. "John and I are actively looking for a financial partner to take off where these proceedings [began]," said Lambertson. "Samsonite, up until now, has been a great partner. They helped us open the three stores. We would never have been able to do it without their support." Lambertson Truex caters to a wealthy clientele of women and men, with bag prices averaging at $3,000 to $5,000 and exotic skin pieces that can climb upward of $16,000.