JLM Couture, Inc. the upscale, multi-label wedding gown design and manufacturing company, announced that it plans to file for restructuring. This option, available to JLM Couture, is specifically designed for businesses with limited debt, ensuring they can safeguard their assets and continue operations.
Under the company’s restructuring plan, it will significantly scale back its business and safeguard its assets in order to continue operations.
JLM Couture cited the primary reasons for this decision stems from a legal dispute with one of its former designers “Hayley Paige” Gutman, the effects of the pandemic, corresponding supply chain disruptions, and New York city real estate issues.
In light of these challenges, the decision to file for restructuring emerged as “the most strategic move to protect our valued operations and assets,” said a company spokesperson. The Company expects to voluntarily file for reorganization under Subchapter V of Chapter 11 of the United States Bankruptcy Code. Operations will continue as usual throughout the court-supervised process, including efforts to meet customer expectations and needs.
Given that JLM Couture has no significant bank debt and is actively working out a restructuring plan with its trade vendors and professional creditors, JLM Couture remains committed to delivering top-tier designs to its clientele and is hopeful that this restructuring will fortify its position and enable the Company to return to a position of strength in the wedding gown industry.
About JLM Couture, Inc.
For 30 years, JLM Couture, Inc. has been a leader in the wedding gown industry, known for its innovative designs and unparalleled commitment to quality.
For further information on JLM Couture, visit JLM Couture