Designer Tamara Mellon Emerges From Bankruptcy
The designer exited from temporary Chapter 11 this weekend.
After filing for voluntary Chapter 11 in December, former Jimmy Choo designer Tamara Mellon has exited from bankruptcy protection, just as she said she would.
The womenswear designer will reestablish her namesake Tamara Mellon brand with new investors New Enterprise Associates, reports WWD.
Mellon established her lifestyle brand in 2011, raising $24 million in funds in 2013, but the cash flow had apparently run dry, as the company’s court papers last month stated that "TMB needs additional funding" and "Despite its best efforts, TMB has not been able to secure additional funding outside of Chapter 11."
With the new investor relationship, Mellon said in a statement to WWD this weekend that "[The] decision allows us to transition our business model to focus on direct sales to customers via online platforms and company-operated stores. We look forward to implementing this revitalized approach, shortening the design and manufacturing process, and further enhancing our mission to provide customers with the fashion they want to wear, now."