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Showing Original Post only (View all)Warehouse owning couple left with cost of $250K to dispose of bankrupt Brooks brothers stuff [View all]
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The Ghosts of Brooks Brothers
After the retailer filed for bankruptcy one couple was left with a warehouse full of abandoned mannequins and a price tag of nearly $250,000 to dispose of it.
The bones of Brooks Brothers stores are scattered across 100,000 square feet here in a warehouse near the Massachusetts border, mixed in with a sea of cardboard boxes and junk.
There are legions of mannequins, empty circular tables that once displayed neckties, posters of horseback-riding gentlemen from a bygone era. There is a whole section of Christmas trees and countless gold-painted ornaments of sheep suspended by ribbon a Brooks Brothers symbol since 1850 known as the Golden Fleece. Blank order forms for tailors are strewn about. A neon sign that apparently still works. There is no apparel, but there are rows of heavy sewing machines that most likely came from one of the brands recently shuttered factories. And in the bathroom, a welcome carpet with Brooks Brothers written in cursive sits next to a toilet.
The whole mass was abandoned here in the fallout of Brooks Brothers bankruptcy filing and sale last year, the scraps of a retailer that made nearly $1 billion in sales in 2019. Ever since, the couple that owns the warehouse, Chip and Rosanna LaBonte, has been scrambling to figure out how to get rid of it all. Junk removal companies have told them it will cost at least $240,000 to clear the space, which Brooks Brothers had rented through November. In order to pay the bill, the LaBontes are going to have to sell their home.
The couples plight illustrates the far-reaching consequences of retail bankruptcies, which cascaded during the pandemic and affected everyone from factory workers to executives. Smaller vendors and landlords have often been left holding the short end of the stick during lengthy byzantine bankruptcy proceedings, particularly with limits on what they can spend on legal bills compared with larger corporations. And once bankrupt brands are sold, people like the LaBontes are typically left in the dust.
https://www.nytimes.com/2021/04/02/business/brooks-brothers-retail-bankruptcy.html?action=click&module=Top%20Stories&pgtype=Homepage
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Warehouse owning couple left with cost of $250K to dispose of bankrupt Brooks brothers stuff [View all]
Demovictory9
Apr 2021
OP
That's What Ch. 11 is-file a Plan of Reorganization, assume viable Ks, reject burdensome Ks
Stallion
Apr 2021
#11
open it up to local artists to take what they can use. Artists love manniquins and parts of them
ZonkerHarris
Apr 2021
#5
All they have to do is open the doors to "pickers" and it will be cleared out in no time.
Vinca
Apr 2021
#4
If You Aren't a Secured or Preferred Creditor You're Probably wasting Your Time
Stallion
Apr 2021
#19
I hear that a lot. But bankruptcy is a legal tool to give people and business a second chance.
LakeArenal
Apr 2021
#22
I dunno. Seems like there is a cheaper solution to this than a quarter million dollars
fescuerescue
Apr 2021
#24
And then, executives sometimes get bonuses to help smooth the transition to bankruptcy.
keithbvadu2
Apr 2021
#25