According to a Dallas Morning News story, custom clothing brand J. Hilburn has filed for Chapter 11 bankruptcy.
The company, founded in 2007, is trying to reorganize under the protection of the U.S. Bankruptcy Court in Dallas.
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.
“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
- Hilburn said in the initial filing that it has assets of under $10 million, but it owes more than that to vendors. Debts include $6.55 million to Hong Kong-based TAL Group, $806,052 to Portugal-based Criaimie Rua do Facho and $665,957 to the supply chain solutions division of UPS.
It owes $2.73 million on a term loan with Austin-based Escalate Capital Partners. The company raised $13.8 million in 2013, and it’s listed as an active investment of Boston-based Battery Ventures. Other shareholders listed in the filing are San Francisco-based Baseline Commerce Seed Fund, Menlo Park Bridgescale Partners, Dallas-based Buaite Againn LLP, Hong Kong-based South China (Jersey) Holdings and Dallas-based Lotus Holdings, which listed J. Hilburn co-founder and former CEO Veeral Rathod as a contact.
