Privately-held Vitamin World and eight affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 17-11933. The Company, which retails vitamins and nutritional supplement products, is represented by Mark Minuti of Saul Ewing Arnstein & Lehr.
According to documents filed with the Court, “Debtors have also identified at least 51 additional stores that they intend to close during these Chapter 11 Cases. On September 8, Debtors began the process of selling down the inventory located at these stores and intend to reject such leases as of September 30, 2017. Debtors are further evaluating the leases for additional underperforming locations and will attempt to renegotiate the rent thereunder. If those negotiations are unsuccessful, Debtors will be forced to reject those leases as well…. Debtors filed these Chapter 11 Cases to pursue a restructuring of their balance sheets and operations and to address the above market rents and underperforming retail stores.”
Vitamin World’s Chapter 11 petition indicates assets of $50 to 100 million.
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