April 16, 2009 / 9:45 PM / in 9 years

Apparel company Block Corp files for bankruptcy

April 16 (Reuters) - Block Corp, owner of brands like Izod and Panama Jack, filed for Chapter 7 bankruptcy protection in a Manhattan court on Thursday, court documents showed.

In documents filed with the court, the company listed assets of $32 million and debt of $44.6 million.

Under U.S. bankruptcy rules, Chapter 7 bankruptcies typically result in liquidation or a sale of assets, rather than reorganization.

The case is In re: Block Corp, U.S. Bankruptcy Court, Southern District of New York No:09-12340. (Reporting by Santosh Nadgir in Bangalore; Editing by Anne Pallivathuckal)

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