Travel-Sales Slump Sends Samsonite Unit Into Ch. 11

Law360, New York (September 2, 2009, 2:40 PM EDT) -- Samsonite Co. Stores LLC sought refuge in bankruptcy court Wednesday, looking to cut the number of its U.S. retail stores by about half after a sudden and sharp decline in demand for travel-related consumer goods.

Samsonite Co. Stores, the U.S. retail division of luggage company Samsonite Corp., filed its Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware, saying it had $1.5 billion in debts and $233 million in assets as of July 31.

Samsonite Co. Stores also said it had filed...
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