Octavia's sales rebound reorganization plan set

June 02, 1994|By Jay Hancock 22TC | Jay Hancock 22TC,Sun Staff Writer

Octavia Inc., the elegant women's apparel store that entered bankruptcy proceedings in March, has rebounded with "exceptional" sales and intends to file a reorganization plan after the summer, company officials said yesterday.

"In the last 10 weeks, we've seen the most robust sales in the last four or five years," said Hammond J. Dugan IV, Octavia's president.

Mr. Dugan attributed the spurt to savvy merchandising and pent-up demand released by winter's end.

The 29-year-old company blamed its financial problems on bad weather earlier this year, which depressed sales.

Octavia's only store is in Baltimore's Village of Cross Keys shopping center. Its filing, under Chapter 11 of federal bankruptcy law, listed $371,000 in assets and $389,000 in liabilities.

Nearly all Octavia's vendor-creditors are currently shipping apparel to the store, Mr. Dugan said.

Joel Sher, an attorney for Octavia, and Mr. Dugan attended a creditors' meeting presided over by a federal trustee. No creditors attended.

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