Aug 14, 201705:35 PMBlog

Adult retailer Peekay Boutiques declares bankruptcy

Aug 14, 2017 - 05:35 PM

Auburn-based Peekay Boutiques, best known as the parent company of the Lovers chain of adult retail stores, has filed for Chapter 11 bankruptcy.

The company sells lingerie, sexual health and other bedroom products at 46 locations under a variety of brands: Lovers, Christals, A Touch of Romance and ConRev.

Lovers stores in particular are fairly ubiquitous around the Puget Sound area, but the company has been working to restructure its balance sheet to pay its debts since mid-2015. Peekay underwent multiple initiatives that year to do so, including an initial public offering of stock; that plan was abandoned in 2016.

Apparently, those measures weren’t enough, as records show the company’s debts ballooning to almost $52 million at the time of its Chapter 11 filing. Peekay’s debtors, in contrast, estimate the company’s assets between $10-$50 million.

The company, however, appears to remain hopeful to attract a buyer to keep business alive. A statement from CEO Lisa Berman claims Peekay is exploring e-retail as a more viable option for reaching customers.

            

Edit Module
Advertisement
Bookmark and Share Email this page Email Print this page Print Feed Feed
Edit Module
Advertisement

About This Blog

Follow our blog for all the latest in local business news. To get the top local business news, subscribe to Daily Biz Briefs email newsletter. As a reader of this FREE email you get breaking business news each business day afternoon delivered right to your email inbox.

 

Feed

Atom Feed Subscribe to the Blog Feed »

Recent Posts

Archives

Categories