Big M, the owner of popular clothing stores Mandee and Annie Sez, filed for Chapter 11 bankruptcy protection after Hurricane Sandy wrecked many of its stores.
The company owes money to more than 1,000 creditors, reports The Real Deal. The company has roughly 130 locations, with only a few closing in wake of the bankruptcy.
An executive told Crain's that the devastating hurricane flooded six stores and made it impossible for the retailer to recover.
"The chain was doing much better, and then unfortunately they got hit in the ribs by the hurricane,” Kenneth Rosen, the company's attorney, said. “When people were without electricity and couldn’t get gas because a tree was down, they weren’t going to a Mandee shop.”
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