The retail unit of Samsonite Luggage filed for Chapter 11 bankruptcy last week, with plans to rapidly close 84 stores. The move is designed to increase profitability by halving the number of existing retail outlets. Merchandise is to be liquidated this fall.
Samsonite expects no disruption of business beyond the proceedings and store closings. The company blamed the recession's impact on travel as the main driver of the bankruptcy filing.
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