Other than their popular wares, nine fashion brands now have something else in common: They’re all owed money by The Tannery and The Tannery Outlet Store.
In recently filed bankruptcy court documents, Adidas, New Balance, Gucci, Lanvin, Dolce & Gabbana, Balenciaga, Dr. Martens, Valentino and Ugg are all listed as creditors by the newly bankrupt popular Boston shoe stores.
The parent companies of The Tannery and The Tannery Outlet Store on June 26 filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Massachusetts.
In court documents, Nader Corp. and Alana Inc. — owners of The Tannery and The Tannery Outlet Store, respectively — estimated that they each owed between $1 million and $10 million to about 50 to 99 creditors. The Tannery said the value of its assets was less than $50,000, while the value of the outlet store’s assets were pegged at between $500,000 and $1 million.
On its website, The Tannery describes itself as “Boston’s largest independent retailer specializing in men’s and women’s footwear, designer apparel, outerwear and accessories” — in operation for 40 years. The company — which closed its Cambridge, Mass., location last year — joins a growing list of traditional footwear and apparel retailers shuttering doors and seeking bankruptcy protection as they grapple with consumer shifts and digital disruption.
The bankruptcy trustee for both cases, Gary Cruishank, has requested court approval to sell the shoe and boot inventory of The Tannery Outlet Store at a public auction. The date of the proposed sale is July 27, 2017, and, if approved, would be conducted by Paul E. Saperstein Co. Inc. at The Tannery on 402 Boylston Street in Boston and online.
Hicham “Sam” Ali Assan, the president of both Nader and Alana, could not be reached for comment.