Showfields has filed for bankruptcy. The US retailer, once dubbed the ‘most interesting store in the world, has lined up new financing to support a restructuring via a subsector of the Chapter 11 process.
The Business of Fashion reports that the company recently closed its stores in Miami and Manhattan but the Brooklyn, Los Angeles and Washington outlets will continue to trade.
The particular Chapter 11 tool Showfields has elected to use was ushered in during the pandemic and is designed to help small business gain control of their finances. The retailer is said to be forging ahead with plans to launch in Europe.
