MEN’S CUSTOM APPAREL BRAND J. HILBURN FILES FOR BANKRUPTCY
Dallas-based men’s custom clothing brand J.Hilburn has filed for Chapter 11 bankruptcy.
The company, which was founded in 2007, is aiming to reorganize under the protection of the U.S. Bankruptcy Court in Texas.
“J.Hilburn has a loyal client base. We believe in our stylists, in the growth potential of the men’s custom market, and in the ability of our management team to lead the company to future success,” CEO David DeFeo said in a statement. “Together, the company and our stylists community, along with our loyal clients, will weather this economic turmoil and come out on the other side as a stronger and more successful business.”
DeFeo came to J. Hilburn last year from the Worth Collection, which is liquidating in a bankruptcy filed in February. DeFoe is J. Hilburn’s third chief executive in three years. Similar to Worth, J. Hilburn sells through a network of personal stylists and directly to customers online.
J. Hilburn said in the initial filing that it has assets of under $10 million, but it owes more than that to vendors.
Multiple reports say that the company laid off an undisclosed number of employees at its Dallas headquarters last month.
The company said it anticipates no interruptions in business, and all current and future orders will be filled.
So a guy comes from one bankrupt “tailor” to another “tailor”, and right into bankruptcy. Nice.
So let me see if I got this right. File for bankruptcy, screw all your vendors, reorganize, start overpaying yourself again, file for bankruptcy again, screw all your vendors again. Lather, Rinse, Repeat. WTF.
Same old story. arrogant, soul-less, we’ll protected retailers/venture capitalists always win. Vendors always lose. This is criminal.