Showfields Files for Bankruptcy

Showfields (New York) has filed for Chapter 11 bankruptcy protection and will continue operating under the Small Business Reorganization Act’s subchapter V, according to a press release the company shared with Retail Dive. Court documents show the retailer, which proclaims itself “the world’s most interesting store” thanks to a focus on selling a rotating mix of digitally native brands, has just $3,117.58 of cash on hand and estimated liabilities between about $1 million and $10 million.

Showfields was “plagued with lower-than-expected revenue streams” at its stores leading up to and during the COVID-19 pandemic due to low sales from the vendors and artists it showcased, per the court filings.

The company entered into a loan agreement with the Small Business Administration, as well as agreements with debt financing companies Pipe Technologies and Merchant Cash Advance, to continue operating.

The company said it has secured new financing to support its restructuring process, which includes focusing on its existing stores in Washington, D.C., and Brooklyn. Showfields closed its NoHo district store in New York last month and shut down its Miami location in July.

“It pains me to leave our NoHo and Miami stores but we see great things ahead,” CEO and co-founder Tal Nathanel said in a statement to Retail Dive. “While it took us a few years to fine-tune, today we know the right economic structure for new locations, as we have shown in our newest stores. We remain dedicated to our mission of redefining the way people discover and experience retail.”