J.Hilburn files for bankruptcy
Custom menswear brand J.Hilburn has filed for Chapter 11 bankruptcy, joining a number of other retailers who are feeling the impact of the Covid-19 pandemic.
In a filing with a U.S. Bankruptcy Court in Dallas on Monday, J.Hilburn listed assets of under $10 million, and liabilities that top $10 million, while it owes more than half of that to vendors.
Debts include $6.55 million to Hong Kong-based TAL Group, $806,052 to Portugal-based Criaimie Rua do Facho and $665,957 to the supply chain solutions division of UPS.
The Dallas-based company is seeking bankruptcy protection in hopes of reorganizing and emerging “as a stronger and more successful business.”
It is known for its custom-made tailored menswear, but has introduced more casual clothing such as jeans in recent years.
J.Hilburn relies on a network of nearly 2,000 personal stylists across all 50 states, who meet customers at their homes or offices, to take their measurements, to be used for future online purchases.
In addition to its e-commerce site, the company operates four brick-and-mortar showrooms in Dallas, New York, Boston and Bellevue, Washington.
“J.Hilburn has a loyal client base. We believe in our stylists, in the growth potential of the men’s custom market, and in the ability of our management team to lead the company to future success,” CEO David DeFeo said in a statement.
“Together, the company and our stylists community, along with our loyal clients, will weather this economic turmoil and come out on the other side as a stronger and more successful business.”
Founded in 2007, the company raised $13.8 million in 2013, after raising $12.25 million in rounds between 2008 and 2011, and is listed as an active investment of Boston-based Battery Ventures. As of 2014, J.Hilburn was reportedly bringing in $55 million in annual revenue.
The company said it anticipates no interruptions in business, and all current and future orders will be filled.
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