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Belts and leather goods maker Tandy Brands Accessories Inc is to cease its operations after defaulting on a $29m loan.
The company, which is being delisted from the Nasdaq stock market, is to dispose of certain assets to pay off its lender Salus Capital Partners, according to a filing with the Securities and Exchange Commission (SEC), after which it will discontinue its operations.
The disposal includes real estate, equipment, inventory, fixtures and intellectual property. Tandy Brands also expects to sell its remaining inventory of Walmart mens and boys belts to the retailer over the next several months.
The filing also said that in light of the financial and operating losses incurred by the company since 2008, and the current loan defaults, it had been unable to secure financing to support a reorganisation under Chapter 11 bankruptcy.
Tandy Brands Accessories, Inc. designs and markets mens, womens, and childrens accessories in North America and are headquartered in Dallas, Texas. Its product line includes casual, work, dress, and golf belts for men, women, juniors, young men, and children; gifts, such as flashlights, tabletop games, novelty gifts, auto accessories, camping accessories, and outdoor tools and gadgets; small leather goods consisting primarily of mens and womens wallets.