Calypso St. Barth to Shutter All US Stores, Liquidate Inventory
Luxury apparel and accessories retail chain Calypso St. Barth is shuttering all of it U.S. stores and liquidating its remaining inventory. Asset firms Tiger Group and Great American Group are supervising the going-out-of-business sales at the retailer’s 16 stores in New York, Georgia, Massachusetts, Colorado, California, Florida, Arizona, Maryland and South Carolina. The inventory is drawn from 25 Calypso St Barth’s boutiques, nine of which have already closed for good. The remaining 16 stores will be shuttered at the close of the liquidation process. (Seven additional U.S. locations were previously closed.) Calypso St. Barth filed for Chapter 7 bankruptcy protection on Nov. 29. The liquidation sales include the retailer’s inventories of home furnishings as well as traditional artisan goods. Store furniture and fixtures are also part of the liquidation process.
Total Retail's Take: Another one bites the dust. Calypso St. Barth joins the dozens of retail chains that have filed for bankruptcy this year. The bankruptcy — and subsequent store closings and liquidation plan — wasn't a surprise given the company was reportedly skimping on paying its clothing suppliers, employees and electricity bills as it struggled with cash flow, sources told The New York Post. Calypso St. Barth was founded on the Caribbean island of Saint Barthélemy in 1992. It was known for its posh boutiques and celebrity fans. At one time, the 40-year-old brand had as many as 35 stores.