Peter Manning New York Files Chapter 11 Bankruptcy With $3.1 Million in Debt

Peter Manning New York has filed for Chapter 11 bankruptcy protection, putting the specialty menswear retailer into restructuring while it continues operating stores and prepares for a planned expansion into Boston.

The New York-based company filed a Subchapter V petition in the U.S. Bankruptcy Court for the Southern District of New York on Aug. 19. Court disclosures cited by TheStreet show approximately $138,000 in assets against roughly $3.1 million in liabilities.

That leaves the company with debts more than 20 times the value of its reported assets. The filing comes at a difficult moment for U.S. retailers, with July retail sales recently falling 0.6%, a weakening consumer backdrop also reflected in recent pressure on Target.

Landlord Tops List of Major Creditors

Peter Manning's largest listed creditor is landlord 933 Broadway LLC, which is owed more than $783,000. Kam Caine Hong Kong Ltd. is owed over $276,000, while the company lists approximately $247,000 due to Shopify and more than $230,000 to 19-20 Bush Terminal Owner LP. Supplier Lever Style Ltd. is listed with a claim of about $150,000.

Peter Manning elected Subchapter V, a streamlined form of Chapter 11 designed for qualifying small businesses. The process generally moves faster than a conventional Chapter 11 case and appoints a trustee to help oversee the reorganization.