Love Culture Files for Reorganization, Seeks SaleWednesday, July 16, 2014
Love Culture, the fashion company that was part of the recent upswing in clothing manufacturing in Los Angeles, filed for Chapter 11 bankruptcy on Wednesday.
The company filed in U.S. Bankruptcy Court in New Jersey on the advice of counsel. Love Culture said in a statement that the company plans to close an undisclosed number of unprofitable stores and will consider selling most of its assets.
The firm reports that it has already received letters of intent from potential buyers. The company blamed its financial troubles in part on large expenditures undertaken to improve its electronic infrastructure.
Love Culture’s product line consists of casual apparel designed for young women and the company currently has 76 stores across the country.
The company was founded in 2007 by former Forever 21 executives Jai Rhee and Bennett Koo, according to Bloomberg.
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