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MajorsNov 07, 2018
Links of London’s US Division Files Chapter 7
Its non-U.S. operations are unaffected by the bankruptcy petition filed in Delaware.
New York—FF Group announced that the U.S. subsidiary of Links of London has filed for bankruptcy, citing “substantial and sustained annual losses.”
Links of London Inc. filed for Chapter 7 bankruptcy on Oct. 18 in the U.S. Bankruptcy Court for the District of Delaware.
The brand’s operations outside the United States, including its Canadian subsidiary, are unaffected by the bankruptcy petition and will continue as normal, its parent company said.
The brand will close six U.S. standalone stores and nine shop-in-shops.
FF Group said it will continue to serve the brands’ customers through the e-commerce websites LinksofLondon.com and FolliFollie.com.
According to court documents, Links of London Inc. has an estimated 100-199 creditors, with estimated assets of between $1 million and $10 million but estimated liabilities of $10 to $50 million.
The brand launched in 1990, becoming known for its cufflinks, charms, and gold and silver designs. Athens, Greece-based Folli Follie acquired the company in 2004.
The parent company recently has had struggles of its own.
Hedge fund Quintessential Capital Management released a report earlier in the year claiming FF Group had overstated the number of outlets it operates and questioning its accounting practices in Asia. FF Group refuted the claim.
The claims led to an audit of company’s consolidated financial statements by Alvarez & Marsal, which revealed discrepancies in its 2017 financial statements and lead to the resignation of founders Dimitris Koutsolioutsos and Ekaterini Koutsolioutsou in September, according to local reports.
FF Group also said in October that it would have to default on several loans that came due earlier than anticipated.
The company now is restructuring operations—the Links of London U.S. bankruptcy is part of that—and looking for new investors.
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