Alfred Angelo bridal retailer files for Chapter 7, closes South Florida stores
Alfred Angelo broke its vows with brides across the country.
The Delray Beach-based bridal store chain filed for Chapter 7 bankruptcy on Friday and closed its 60 stores, including 23 in Florida and three in South Florida. Chapter 7 leads to liquidation.
Alfred Angelo has between 10,001 and 25,000 creditors, which appear to include municipalities, customers who made deposits, and landlords, according to its bankruptcy filing. The bridal chain estimated its assets between just over $10 million to $50 million, and requested that any remaining funds be available to unsecured creditors. Alfred Angelo’s estimated liabilities were self-reported as between just over $50 million to $100 million.
The company filed for bankruptcy protection in the Southern District of Florida. It does not appear to own any real estate.
In South Florida, Alfred Angelo shuttered its standalone stores at 246 Miracle Mile in Coral Gables, 13895 Sunrise Boulevard in Sunrise and 393 Congress Avenue in Boynton Beach. Property records show a company tied to property owner and former commission candidate Jackson Rip Holmes owns the Coral Gables building. Stores and restaurants along Miracle Mile have reported slower sales and foot traffic thanks to a delayed streetscape project.
In Sunrise, Trikon Sunrise Associates, a company tied to Midtown Miami developer Jon Samuel, owns the shopping center where Angelo Gordon was located.
All three South Florida landlords were included in the bankruptcy filing’s list of creditors. The company also owed the property owner of its Delray headquarters rent, according to the South Florida Business Journal. G&C Arbors Investors sued to evict Alfred Angelo from its office at 1625 South Congress Avenue for one month’s rent, which came out to more than $45,000. G&C is also a creditor.
Retailers across the country have struggled in recent years, suffering from declining mall traffic, fixed rental costs and online competition. Last week, children’s clothing chain Gymboree filed for bankruptcy protection and will close hundreds of stores nationwide, including 14 in Florida and four in South Florida.
Alfred Angelo’s competition was quick to capitalize on the closures. David’s Bridal offered discounts and free rushed alterations to Alfred Angelo customers with a receipt, the New York Times reported.
Harunobu Coryne contributed reporting.
Source: The Real Deal