Luxury handbag and accessories retailer Lambertson Truex has filed for bankruptcy protection and said it closed its stores in Los Angeles and Las Vegas.
The company, controlled by luggage giant Samsonite Corp., said it closed its store at the Shoppes at the Palazzo on the Las Vegas Strip as well as the Los Angeles store on Feb. 25. At the request of Samsonite, it kept its last remaining store in New York open.
"Due to an extreme downturn in the global economy, the debtor's profits have suffered greatly since the formation of the limited liability company in 2006. Ultimate customers of the debtor's products are consumers seeking the highest quality product from world-class designers selling under a trusted brand, and these consumers are typically willing to spend more on such products than store-brand or generic equivalents,'' Maurice Dembsky, Lambertson Truex director of finance, said in the bankruptcy filing this week in Delaware. "Uncertainties with respect to future gains, inflation, and cash availability have led to 'shy spending,' even by customers formerly interested in purchasing high-quality products, leading to a decline in the demand for these products over the last year."
The company said it would continue to sell its products online and through wholesale channels.
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