NEWARK, NJ-Big M Inc., the owner of discount women’s clothing store chains Mandee and Annie sez, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court here.
The Totowa, NJ-firm says it owes creditors as much as $100 million, according to a Bloomberg News report. Big M, which operated more than 150 locations in 2012, lists assets of more than $50 million. Reports are that Big M is negotiating a credit line with Salus Capital Partners LLC. CIT Group/Commercial Services Inc., which is owed approximately $2 million, is listed as Big M’s largest unsecured creditor. See story in The Star Ledger.