Retail: 52
-47.81%
Retail: 103
+3.35%

Tax Debt Helped Kill The Tannery

By BOB MCGEE– JULY 17, 2017

The independent downtown Boston shoe retailer, 100 percent controlled by President Hicham Ali Hassan, owed nearly $5.23 million in corporate income taxes dating back to 2011 when it filed for Chap. 7 bankruptcy on June 26. Faced with seven ongoing lawsuits, including separate actions by Dolce Gabbana, Gucci and the Internal Revenue Service, The Tannery’s remaining $287,460 in inventory is slated to go on the public auction block on July 27.

Court documents filed last week outlined the retailer’s financial position. There are total liabilities of more than $6.74 million against assets of $545,554. The largest trade creditors of the business are: Valentino ($175,558), Deckers Brands ($129,376), Tory Burch ($78,604) and Stuart Weitzman ($73,847).

The Tannery’s annual revenues fell nearly 23 percent in 2016 to $9,249,767 from $11,935,334 in 2015. Year-to-date revenues are $464,909.

Court documents filed last week outlined the retailer’s financial position. There are total liabilities of more than $6.74 million against assets of $545,554.

Temporpo repereptam et andis si re qui dolum sam, tenihil is as et es sa qui officil iquisimus, conseque nemo quisit il exceper eptatiis eium, suntorro eium quame volum volut ad magnis dem dolestibus, sit, quiam, cus aut voloritatur? Quiatium a quibusa ereprata volorum nobisqui dit, exeris volut alianda et ea cone com

Subscribe Now!
Mon, Aug 28, 2017
Vol 1, Issue No. 33