Soho Shoes’ parent files for bankruptcy
Posted on Friday, April 19th, 2013 at 8:05 pm
The corporate owner of two shoe stores recently filed for liquidation bankruptcy after it closed its store at a mall in Raleigh.
According to a Chapter 7 bankruptcy filing by Soho Shoe owner Urban Hype Inc., it listed $0 in assets and its liabilities amounted to $791,000 with a loan from co-owners Mohammed and Atiya Merchant of Burlington amounting to $250,000. The company also had an unsecured loan from Fuquay-Varina-based Fidelity bank amounting to $105,000. The company operated Soho Shoe stores in Crabtree Valley Mall and at Friendly Center in Greensboro. The company’s attorney said that both stores were already closed.
According to the filing, Urban Hype Inc. reported a revenue of $408,000 in 2012 and $390,000 in 2011.
For many debt-ridden businesses, filing for Chapter 7 bankruptcy is the best way to alleviate the burden of debt. To talk with a lawyer from the Bradford Law Offices, PLLC, about pursuing bankruptcy, call (919) 758-8879.