Children's clothing retailer Hartstrings L.L.C., based in the Philadelphia suburbs and owned by the Maryland private-equity firm American Capital L.P., has declared Chapter 7 bankruptcy and plans to dissolve the business.
The filing in U.S. Bankruptcy Court in Wilmington on Thursday showed that the Strafford company, which has 28 stores nationwide and a wholesale business, owes secured and unsecured creditors more than $39 million. All but a few hundred thousand dollars of that is owed to American Capital.
The filing comes less than two months after the terminations of both president and chief executive officer Kevin Mahoney and chief financial officer Jean Lewis, Bankruptcy Court records show.
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