American arm of Global Brands Group has filed for Chapter 11 bankruptcy. The US-based firm plans to sell a significant portion of its remaining assets including the Airband, Ely & Walker, Yarrow, MagnaReady and B New York brands, amongst others. It recently sold its assets and inventory related to the Frye and Spyder brands.

The Group’s apparel sales have been impacted through the pandemic-hit year. Sales at US-based subsidiary dipped 44 per cent during the year that ended March 2021. Some suppliers also demanded cash on delivery and tightened terms, adding to the retailer’s financial worries.

Global Brands Group also owes royalty money to million to Kenneth Cole, $2 million to Sequential Brands and $860,000 to Marquee Brands. It is an apparel, footwear and brand management company, which designs, develops, markets and sells products under a diverse array of owned and licensed brands and a wide range of product categories.