Sometimes, love just ain't enough. Photo: amazon.com
Penny Loves Kenny, the trendy and popular juniors footwear brand, filed Chapter 11, reporting assets of around $900,000, and total liabilities of almost $4.9 million, reports WWD.
Co-founder Kenny Robinson remained positive at this week's FFaNY shoe show, saying that they filed for bankruptcy due to two major legal issues they've been dealing with almost since their inception, and that the seven-year-old company's lawyers recommended this course of action as protection.
"In the last six months, we've opened a showroom and added two brands [Park Lane and First Love by Penny Loves Kenny]. My business is great, but it just had to happen this way," explained Robinson.
Though business might be strong, the company's future is far from certain. According to court papers, Penny Loves Kenny "intends to restructure its organizational abilities to decrease overhead and increase sales. Alternatively, [the company may] sell all or part of its business operations."
We're gonna run out and buy a pair to help out our friends at PLK; you can do your part below: