Destination Maternity Files Chapter 11, May Affect Danbury Stores
Here we go again. We are now learning that another local retailer's parent company has filed for Chapter 11 and the future of stores in Danbury, Scarsdale, Stamford, Trumbull, Westport, West Nyack, White Plains and Yonkers remains unclear.
Destination Maternity, with their main headquarters in Morrestown, New Jersey, has announced that the company has filled for Chapter 11 and plans to close 183 stores within the next few weeks as part of the bankruptcy process.
According to westfaironline.com, as of now no specific locations have been named, but the company does have two locations in Danbury, one called Motherhood Maternity inside Macy's at the Danbury Fair Mall, and the other store called Destination Maternity located on Sugar Hollow Road in The Shops at Marcus Dairy shopping center.
Lisa Gavales, who back in June became the chairwoman of the office of the CEO at Destination Maternity, had this to say about the company's decision to file Chapter 11:
This decision is a difficult, but necessary one. In a challenging retail environment, we have had to make some very tough choices, but we are confident that the steps taken today provide an opportunity to continue a marketing process that provides the most efficient means of maximizing value to our stakeholders. Throughout this process we will be focused on developing the promising interest already shown by potential bidders, and maintaining operational momentum toward a stronger business.
Destination Maternity listed $260.2 million in assets and $244 million in debts in its bankruptcy petition.