Links of London, Inc., the U.S. subsidiary of FF Group has filed a voluntary petition for relief under chapter 7 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
Links of London's non-U.S. global operations continue to trade as normal and are unaffected by the U.S. bankruptcy petition, said FF Group in a statement.
Links of London, Inc. filed for chapter 7 protection as a result of substantial and sustained annual losses. FF Group supports this decision in the interests of the wider business towards growth and as part of an ongoing restructuring of the FF Group.
Links of London, Inc. is committed to the welfare of its valued former employees and has paid all their outstanding wages. The FF Group will continue to serve the brands' customers through the e-commerce websites www.linksoflondon.com and www.follifollie.com.
While Links of London, Inc. is subject to the bankruptcy proceedings, the Canadian subsidiary will continue business as usual.
FF Group, in its statement, says that it would like to emphasize its appreciation for the hard work and loyalty of its U.S. employees, partners and suppliers, and sincerely regrets the effect of the closure. In total, 6 standalone stores and 9 concessions will close.
Links of London, Inc. will cooperate with the bankruptcy Trustee throughout this process in order to ensure it is conducted in an orderly fashion. Links of London, Inc. is being advised by Joseph Barry of Young Conaway Stargatt & Taylor, LLP.