Owner of Duskin chain files for Chapter 11

January 21, 1994|By Ross Hetrick | Ross Hetrick,Staff Writer Bloomberg Business News contributed to this article.

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TC The owner of Nan Duskin, a three-store chain that specializes in upscale designer clothing, has filed for Chapter 11 bankruptcy protection in Philadelphia.

The company, ND Acquisition Inc., has a store at the Village of Cross Keys on Falls Road. It will remain open and there will be no layoffs, said Louis N. Marks, chairman and chief executive officer of ND Acquisition Inc.

He said the company plans to add three people to the 15-person Baltimore sales force during the next year and to increase its inventory. The bankruptcy filing "allows us to rely on the success we have achieved and to eliminate the problems of the past that we inherited," Mr. Marks said.

The other two stores are in Pennsylvania. In Wednesday's bankruptcy filing, the company listed $6.2 million in assets and $6 million in liabilities.

Mr. Marks said ND Acquisition's purchase of Nan Duskin forced it to "carry too heavy a debt load at unfavorable high interest rates." The terms of the purchase also forced the company to pay rents above the existing market rates, he said.

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