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Article: HABITUAL HEADS TO AUCTION.(Pacific Marketing Works Inc.'s denim label)
- Article from:
- WWD
- Article date:
- March 6, 2008
- Author:
CopyrightCOPYRIGHT 2008 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ross Tucker
Premium denim label Habitual is on the auction block and could find itself in the hands of new owners by next month.
Parent company Pacific Marketing Works Inc. filed for Chapter 11 bankruptcy protection in the Central District of California on Feb. 20 and is looking to sell its assets in an effort to repay as much as $10 million in liabilities. The Los Angeles-based company owns the Habitual label, in addition to two other brands that specialize in T-shirts and graphic tops.
According to bankruptcy court filings, PMW is "in severe financial distress as a result of...a sale or merger transaction that failed late last year." ...