Low Consumer Spending Sinks Connaught Group Into Ch. 11

Law360, New York (February 9, 2012, 8:12 PM EST) -- High-end fashion retailer Connaught Group Ltd. sought bankruptcy protection Thursday, blaming its financial woes on the global decline of consumer spending.

Though exact totals were not immediately available, the Carlisle Collection creator reported it had $10 million to $50 million in assets and $50 million and $100 million in liabilities, according to its Chapter 11 petition.

“As sales decreased, [the] debtors have encountered a substantial decrease in cash flow, causing their expenses to outweigh their revenues. Losses from declining sales in a weak economic climate were...
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