RPT-Retailer Against All Odds USA files for bankruptcy
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NEW YORK Jan 6 (Reuters) - Against All Odds USA Inc, a New Jersey-based retailer of urban apparel and accessories, has filed for bankruptcy protection.
According to Chapter 11 documents filed on Monday in U.S. Bankruptcy Court in Newark, N.J., the chain has about $38 million in assets, and $35.9 million in liabilities.
The chain operates 64 stores in shopping malls in eight Eastern and two Western states, and had estimated sales of $114 million in 2008, according to court documents. The company had about 1,038 employees as of the filing.
The company said a slowing economy, increased competition and an expansion into a new market with an unfavourable business environment led it to file for protection.
The creditor holding the largest unsecured claim is N.J.-based Wicked Fashions, which is claiming $3.9 million. Others making claims include CIT Group Inc (CIT.N), for about $2 million, and Nike USA (NKE.N), claiming $227,319.
Against All Odds, which was founded in 1995, sells brands such as Converse, Ecko Unlimited and Adidas.
Against All Odds becomes the latest retail chain to file for bankruptcy protection, joining Circuit City, Mervyn's and Linens 'n Things, among others. (Reporting by Phil Wahba and Chelsea Emery; Editing by Anshuman Daga)