A BANKRUPT retailer is holding its final few days of sales before closing down for good.
Sundance Living shoppers can get items more than 90% off their original price, and everything must go by Saturday.
The company, which was founded by acclaimed Hollywood actor Robert Redford, filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court of Delaware.
On its website, the company posted a message of appreciation to customers for their support.
The message reads: “We are grateful for the support of our customers over the years.”
Sundance Living’s website has a countdown clock to mark the end of the sales period that will run out at midnight on September 13.
Shoppers can find hundreds of items under $30 and $20, including blouses, t-shirts and shorts in a large array of sizes.
Sundance Living has issued a Worker Adjustment and Retraining Notification in the state of Utah for 63 employees until September 21.
This means that Sundance Living needs these employees to keep working while the sales are on and the final business is wrapped up.
Most of Sundance’s locations closed for good on September 7.
Before closing, the company had 16 locations in states like Arizona, Illinois, Oregon and Virginia.
The Sundance Living stores that are still open have huge signs in the windows that say “store closing” and “everything must go”.
BANKRUPTCY BLUES
When the company filed for Chapter 7, five creditors said they were collectively owed over $2.5 million.
Chapter 7 bankruptcy is different from Chapter 11, as it means that a business needs to close down permanently and liquidate to pay back the debt it owes.
On social media, one vendor even claimed that the company stopped paying vendors in January, but continued to place more orders.
The Salt Lake Tribune reported allegations from jewellery designers that Sundance Living owed them millions in unpaid invoices.
BRANDS HARD HIT BY BANKRUPTCIES
Many chains have struggled to adapt to a post-Covid retail landscape, with several companies filing for bankruptcy
JoAnn Fabrics and Crafts announced it would close all 800 stores after filing for bankruptcy twice in a year.
Hooters announced plans to file for Chapter 11 bankruptcy protection in February.
Liberated Brands announced that it would be closing all 122 retail locations for its boardsport fashion brands Quiksilver, Billabong, and Volcom.
Forever 21 shut down its headquarters after filing for bankruptcy and laying off 358 employees.
Macy’s announced major restructuring plans amid mass store closures.
The Tribune also reported that Sundance Living signed a deal with Corbin Liquidation on June 25 to liquidate its assets.
It was further noted that it was these five creditors who filed a legal petition to force the company to file for bankruptcy.
These assets would be distributed to Sundance’s five creditors following “an extended period of economic distress”, per its court filing.
The court filing said that Sundance Living had been trying to find a buyer for its business, but was unable to do so.
Sundance Living got its start as a catalog in 1989, with the items being sold at the general store for Sundance Mountain Resort in Sundance, Utah.
This was the resort established by Redford in 1969 and the longtime home of the Sundance Film Festival.
