Z Gallerie Files Bankruptcy

Z Gallerie (Los Angeles) declared Chapter 11 bankruptcy yesterday, Tuesday, March 12, and announced plans to close 17 of its 76 stores as a part of that process.

The company expects the bankruptcy process to take about four months, at which time it will strive to emerge with “a stronger balance sheet and the financial flexibility needed to compete in today’s dynamic retail environment now and for the long term,” according to Chief Executive Officer Mark Weinsten.

While the process is underway, all other stores will remain open and customers will also be able to shop online.

The company previously filed for bankruptcy in 2009, according to Chicago Business Journal.