Samsonite Slowly Sinking

Samsonite Company Stores, the retail division of Samsonite Corporation in the States, has filed for Chapter 11 bankruptcy and a reorganization plan.

As of July 31st, the now-bankrupt division had $233 million in assets and $1.5 billion in liabilities.

Apparently, the division expects to be free from Chapter 11 in 45 to 90 days. The reorganization plan entails slashing a whopping 47% of their retail stores. Samsonite Corp, at large, is not part of the filing.

Bummer!

[Image courtesy of Samsonite.]