Showfields has filed for Chapter 11 bankruptcy protection in the Eastern District of New York Bankruptcy Court, blaming the lingering effects of COVID-19 and inflexible lease agreements. The unique retailer, which houses brands’ products for a fee and rotates its assortment every few months, closed its Showfields Miami location in July 2023 and its Manhattan store, Showfields NoHo, in September. Stores in the Washington, D.C. Georgetown district and in Brooklyn remain open.
The retailer, which debuted in 2019, has lined up financing from existing investors for a restructuring effort, according to WWD. The amount of the financing has not been disclosed, but the funds will be used for completing the sunsetting of the Manhattan and Miami stores, paying outstanding bills and expanding the Brooklyn location by approximately 2,500 square feet, according to a WWD interview with Showfields CEO and Co-founder Tal Zvi Nathanel.
According to documents filed with the bankruptcy court, the 20 largest unsecured claims against Showfields total $2.56 million. The largest debt, $1.4 million, is owed to debt financing firm Pipe Technologies.
Here’s a 2019 video interview with Showfields CEO Tal Zvi Nathanel.
Advertisement
