Tamara Mellon exits Chapter 11 bankruptcy
London-born, New York-based Tamara Mellon is off to a good start for 2016, having announced that the company has exited Chapter 11 bankruptcy. The company filed for bankruptcy in December to pay off her creditors and reorganize her business.
Mellon, who launched her namesake label after parting ways with Jimmy Choo, will reestablish her brand with new investors, New Enterprise Associates, according to the American media. She said in a statement that the new investors will allow for Mellon to transition her business to “focus on direct sales to customers via online platforms and company-operated stores.”
The designer entered voluntary bankruptcy because her brand had assets of $1 million to $10 million and had between 100 and 199 creditors that were owed between $1 million and $10 million. In December, she said, “We expect that we will emerge from this stronger than ever in 60 days or less, and all of us at Tamara Mellon look forward to pursuing our passion long into the future.”
Mellon left Jimmy Choo in 2011 to launch her namesake label. She co-founded the brand and served as Chief Creative Officer before the brand was sold to Labelux.
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