Orchard Brands files for Bankruptcy


Clothing retailer Orchard Brands has filed for bankruptcy protection in US bankruptcy court in Wilmington, Delaware. Orchard’s owners, Golden Gate Capital Corp had tried to sell the company to avoid filing for Chapter 11 but the sale failed to materialize.

Orchard Brands is a clothing retailer that specializes in clothes for those aged 55 and older. In bankruptcy papers filed in court, the retailer revealed liabilities amounting to about $1 billion as compared to assets worth about $500 million.

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