T. Anthony, Retailer of $17,000 Luggage to Stars, Goes Bankrupt
T. Anthony, Retailer of $17,000 Luggage to Stars, Goes Bankrupt
(Bloomberg) -- T. Anthony, the Manhattan luggage maker favored by the likes of Jacqueline Kennedy Onassis, Marilyn Monroe and British royalty, filed for bankruptcy Thursday after the pandemic stifled demand for luxury travel goods.
Fallout from Covid-19 forced T. Anthony to close and vacate its Park Avenue store, furlough all but one employee and dramatically cut back on orders for new merchandise, according to court papers.
A fixture in Manhattan since 1946, T. Anthony’s offerings range from $65 passport covers and $450 duffle bags to $11,000 ostrich trolleys. Big spenders can get a Louisiana alligator-hide version for $17,000. Its wares have been sported by the Duke and Duchess of Windsor and Sir Elton John, according to accounts posted on its website.
With businesses closed around the globe and personal travel curtailed, “demand for high-end, formal and professional luggage, travel accessories, and leather goods, comprising significantly all of the debtor’s business, has experienced a severe and lasting decline,” Chief Operating Officer Steven M. Cherniak said in a sworn court statement.
The company filed for bankruptcy to get fresh capital for its internet business and new store, steps away from its old location in Manhattan, according to court papers. T. Anthony listed assets of about $1.2 million and liabilities of about $3.4 million.
T. Anthony was bought in 2018 by Manhattan real estate mogul Charles S. Cohen, who also owns British footwear maker Harrys of London. Lawyers handling T. Anthony’s bankruptcy declined to comment.
The case is Park Avenue Leather Goods LLC, 20-12495, U.S. Bankruptcy Court for the Southern District of New York (Manhattan).
©2020 Bloomberg L.P.