Mary Norton Inc. files for bankruptcy
By Katy Stech
Charleston fashion designer Mary Norton's company filed for bankruptcy late Friday.
The 51-page filing shows that Mary Norton Inc. owes as much as $10 million to various companies and tax-collecting entities, but its remaining assets are worth between $100,001 and $500,000.
Its largest debt of $5,138,075.34 is owed to Atelier Fund, a New York investment firm that bought the company in 2006, according to the filing. Court papers show that Atelier owned 80 percent of the company, while Norton held the other 20 percent.
Norton told The Post and Courier last week that her flagship store on King Street closed because of "harsh economic circumstances." Locations in New York City and Los Angeles also have closed.
Read more about the rise and fall of Mary Norton's fashionable empire in Tuesday's editions of The Post and Courier.
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Comments
sardis12 (anonymous) says...
Never heard of her...
July 20, 2009 at 2:15 p.m. ( permalink | suggest removal )
Artemis (anonymous) says...
She started a small business making the expensive moo-roo bags
July 20, 2009 at 3:07 p.m. ( permalink | suggest removal )
chucktownbear (anonymous) says...
She has assets ranging between 100,001 to 500,000 and owe 10,000,000 and she wants to blame her down fall on the economy. Please she is the problem with the economy.
July 20, 2009 at 8:47 p.m. ( permalink | suggest removal )
draftdot (anonymous) says...
how could glue cost $10,000,000.00?
I'm sorry, but her stuff looks like things you find in a dollar store...
July 20, 2009 at 8:49 p.m. ( permalink | suggest removal )
sav730 (anonymous) says...
Chucktownbear
A bit of an over oversimplfied approach to the economic woes our country faces...
Draftdot
Where was it stated that glue cost $10,000,000?
It's kind of you to "feel sorry," but to state that Mrs. Norton's works of art "looks like things you find in a dollar store..." is at the very least quite rude.
I'm certain that when an untrained eye views a Picaso painting for the first time it may too be unable to see the quality behind it.
Perhaps we should view the bankruptcy of a local community member's business with compassion.
July 28, 2009 at 2:56 p.m. ( permalink | suggest removal )
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