Anchor Blue Chapter 11 Filing is First Retail Bankruptcy of 2011
Anchor Blue, a 117-store apparel retailer, has filed for Chapter 11 bankruptcy protection for the second time in less than two years. Although the filing is a repeat for the retailer, it's a first for the industry: it's the first bankruptcy filing of 2011.
The company plans to complete going-out-of-business sales and liquidate, according to published reports, which note that Anchor Blue has assets of $24.7 million and liabilities of $38.5 million.
Anchor Blue had filed for bankruptcy in May 2009; during that reorganization the retailer solid its Levi's and Docker's outlets and closed about 65 of its weakest locations. The chain was founded in 1972 as Millers Surplus and later Millers Outpost, focused on selling casual men's clothing such as blue jeans. By 1989 it had grown to more than 300 stores in the Southwest and in the 1990s it adopted the Anchor Blue name. The chain was acquired by Sun Capital in 2003, and the private equity firm also acquired it after its 2009 bankruptcy.
The company plans to complete going-out-of-business sales and liquidate, according to published reports, which note that Anchor Blue has assets of $24.7 million and liabilities of $38.5 million.
Anchor Blue had filed for bankruptcy in May 2009; during that reorganization the retailer solid its Levi's and Docker's outlets and closed about 65 of its weakest locations. The chain was founded in 1972 as Millers Surplus and later Millers Outpost, focused on selling casual men's clothing such as blue jeans. By 1989 it had grown to more than 300 stores in the Southwest and in the 1990s it adopted the Anchor Blue name. The chain was acquired by Sun Capital in 2003, and the private equity firm also acquired it after its 2009 bankruptcy.