Charlotte Olympia is reportedly closing all three its US-based stores after filing for bankruptcy protection for its three American subsidiaries.
The footwear label, which was founded by Charlotte Dellal in London, cited unprecedented disruption in the retail market for launching bankruptcy procedures, according to Footwear News.
The filing for Chapter 11 bankruptcy protection in the Delaware bankruptcy court revealed the US subsidiaries estimated their assets at $3.26m, compared to liabilities of $19.2m.
Pinktoe Tarantula and affiliates Desert Blonde Tarantula and Red Pump Tarantula, which trade as Charlotte Olympia, filed for bankruptcy protection this week.
The three subsidiaries will liquidate inventory and close their stores.
In the court declaration, chief restructuring officer William Kaye said Charlotte Olympia’s US retail stores, located in Florida, New York, California, and Nevada had historically been unprofitable.
Charlotte Olympia was unavailable for comment.