Things Remembered Files for Chapter 11 Bankruptcy Protection
53 –year old gift engraver and retailer, Things Remembered Inc., filed on Wednesday for Chapter 11 bankruptcy protection in the District of Delaware docket #19-10234. The chain operates more than 400 locations, nationally, and expects to close about 250 stores in its initial efforts to reorganize under the Bankruptcy Code.
Enesco, the giftware and home and garden décor company, is the stalking horse bidder to take approximately 130 of Things Remembered leases in the bankruptcy case with court approval. The stalking horse bid is $17.3 million.
This filing comes off the heels of the Charlotte Russe Holding, Inc. (“Charlotte Russe”) Chapter 11 bankruptcy filing also in Delaware docket #19-10234, earlier this week.
As more chains try to navigate the new world of omnichannel that encompasses online, direct mail, and B2B retail business, and brick and mortar stores, Chapter 11 filings are rising to address issues in one forum.