Peter Elliot owner Eliot Rabin has filed for bankruptcy at his Madison Avenue store, joining a long list of struggling retailers who have taken the same route this year.
Last week Rabin filed a Chapter 11 petition for Peter Elliot Women at 1071 Madison Avenue, the Commerical Observer reported. In the petition, Rabin claims more than $1 million in liabilities and lists more than 50 creditors.
Adam Stein-Sapir of Pioneer Funding Group told the CO that bankruptcy might be the product of a languishing retail market, lawsuits and high rents in the area. Aby Rosen’s RFR Realty filed a lawsuit against Rabin in 2015 over a space one of his stores was leasing at 152 East 72nd Street. At the time, RFR claimed Rabin failed to pay $118,000 in rent. Harry Macklowe, the building’s former landlord, also sued Rubin in 2014, claiming he failed to pay more than $100,000 in rent.
So far this year, more than 300 retailers have filed for bankruptcy, according to BankruptcyData.com. [CO] — Kathryn Brenzel