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Clothing maker Bugle Boy, a fashion powerhouse in the 1980s, has filed for Chapter 11 bankruptcy protection.

The privately held company, which made a name for itself 20 years ago through its balloonlike parachute pants, will likely be broken up and sold, Bugle Boy bankruptcy attorney Paul Aronzon said. The filing was made in U.S. Bankruptcy Court, Central District of California.

Company officials declined comment Friday.

Aronzon said the company's largest creditors, a syndicate held by Foothill Capital Corp. and General Electric Credit, are owed roughly $75 million. About $30 million is owed to additional lenders, he said.

Bugle Boy founder William Mow left the company last week and has been replaced by an interim chief executive. The company has abandoned its Simi Valley headquarters building, laying off some workers, and has begun closing its 150 retail locations.

Bugle Boy plans an immediate sell-off of inventory and equipment, Aronzon said, with retail stores holding blowout sales before shutting down. Company trademarks hold the greatest value, he said, and the liquidation team is already fielding offers for the sportswear brand.

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