Handbag Fashion
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Designer handbag maker Lambertson Truex bankrupt
NEW YORK (Reuters) - Lambertson Truex LLC, a maker of designer handbags, filed for Chapter 11 bankruptcy protection because of reduced demand for its products.
Finance director Maurice Dembsky said in a court filing that the extreme downturn in the global economy had crimped spending among customers typically willing to spend more on designer products than on store-brand or generic equivalents.
"Uncertainties with respect to future gains, inflation, and cash availability have led to 'shy spending,' even by customers formerly interested in purchasing high-quality products," he said.
Lambertson Truex filed for protection from creditors on Thursday with the U.S. bankruptcy court in Wilmington, Delaware. The New York-based company has between $1 million and $10 million of assets, and between $10 million and $50 million of debt, the petition shows.
Lambertson Truex said it was formed in 2006 when Samsonite Corp invested in and took a majority stake in the business, along with a "significant amount" of debt. (Reporting by Jonathan Stempel)
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