Raincoat maker London Fog Industries Inc. has sought shelter from a hailstorm of business problems by filing for bankruptcy protection from creditors in Delaware. Last year, London Fog hired a new chief executive officer with orders to boost lagging sales, cut debt and oversee an initial public offering of stock. The IPO never got off the ground, however. As part of its reorganization, London Fog will close company-owned outlets and concentrate on supplying its trenchcoats and other outerwear to retailers.
October 04, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Raincoat maker London Fog Industries Inc. has sought shelter from a hailstorm of business problems by filing for bankruptcy protection from creditors in Delaware.
In a Chapter 11 petition filed Sept. 27 in U.S. Bankruptcy Court in Wilmington, Eldersburg, Md.-based London Fog estimated it had more than $100 million each in assets and liabilities.
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