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Insolvency veteran, Mark Healy of Michael Moecker & Associates, has been appointed as Assignee to manage the wind down of this well known clothing chain headquartered in Jacksonville Florida.
Body Central Corp. a nationwide women’s clothing chain, has filed an Assignment for the Benefit of Creditors and is closing all 265 of its stores. Body Central was forced to lay off 2,500 employees as it winds down the business through the assignment, a state insolvency proceeding. Poor sales, rapidly changing trends and the lack of reliable long-term financing is believed to have contributed to their demise.
“The board and a majority of investors opted for the state insolvency process, known as an Assignment for the Benefit of Creditors. This process is less expensive, faster and offers greater flexibility,” said Gardner Davis, a lawyer at Foley & Lardner LLP who represents the retailer.
Michael Moecker & Associates is the leading Florida firm specializing in providing investors, shareholders, creditors and attorneys with successful resolutions to insolvency, bankruptcy and liquidation matters.
Body Central, a publicly traded company, shares fell 29 percent upon the news.