Its mostly fallout due to the greatly reduced purchases of luxury items. Everyone has been hit by it, and, if the economy continues to get worse, we may see more of this.
Many stores have been barely hanging on.
A Chapter 11 reorganization does not mean that they will go away, it merely lets them clear their debts and contracts. This can attract new investors if they see a possible return. However, in times like this, investors are very careful.
Abe’s largest creditors and the amounts owed them include the distributor Wynit, $531,905; Pentax, $321,020; Warrentech, $215,893; D&H Distributing, $200,453; Nikon, $189,187; and KitchenAid (Whirlpool), $123,407.