The slow arm of the law

The Bombay Company, which filed for chapter 11 bankruptcy last September, had its reorganization plans approved by a judge Thursday.

Bombay began liquidating shortly after the initial filing; only now, a year later, will the final assets be distributed and the company's stock delisted. Creditors will receive between 16 and 28 percent of their claims, meaning Bombay is shorting its debts by as much as 84 cents on the dollar.

Alongside bombay is Domain Home, which also filed for Chapter 11 bankruptcy, in January, and liquidated its stores in the spring.

In Manhattan Domain and Bombay occupied parallel corner storefronts on Broadway one block apart. Both stores now stand empty, their For Rent signs a stark testimony to the retail and real estate landscapes in New York.