Showfields Inc. has filed for bankruptcy and has lined up financing to support a restructuring, WWD has learned.
The company did not disclose the amount of the new funding, which came from existing investors. The new money will be used for completing the sunsetting of the two stores closed earlier this year, paying outstanding bills, increasing marketing and expanding the Brooklyn store, which continues to operate, among other purposes revolving around the restructuring, Tal Nathanel, chief executive officer and cofounder of Showfields, told WWD.
Showfields continues to operate its store at 3077 M Street NW in the Georgetown section of Washington, D.C,. as well as the store in the Williamsburg section of Brooklyn, at 187 Kent Avenue.