Le Tote asks court to extend exclusive plan periods by 120 days

By Sarah Lizee

Olympia, Wash., Nov. 12 – Le Tote, Inc. is seeking a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to motion filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of Virginia.

Specifically, the company asked the court to extend the plan filing period through March 30 and the solicitation period through May 29.

“The simultaneous challenges of running store closing sales, the marketing process, litigating against Wilmington Trust, negotiating with HBC and the committee, all while navigating the challenges caused by the Covid-19 pandemic, have added complexity to the already challenging task of administering these Chapter 11 cases,” the company said in its motion.

“The debtors have used the initial period of these Chapter 11 cases to transition their operations into Chapter 11, secure financing to fund their operations, engage with their stakeholders on key issues in preparation for Chapter 11 plan negotiations, and engage in a value maximizing auction process.”

Le Tote said the extension of the exclusivity periods will allow the debtors to continue to progress in these efforts for the satisfaction of all stakeholders.

New York-based Lord & Taylor, a unit of Le Tote, operates fashion stores in the United States. The company filed bankruptcy on Aug. 2 under Chapter 11 case number 20-33332.

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