TANNERY STORES FILE CH. 7
Bankruptcy may lead to auction
The parent companies of a longtime Boston shoe store and its recently closed outlet location have filed for bankruptcy.
Nader Corp. and Alana Inc., owners of The Tannery and The Tannery Outlet Store, respectively, on Boylston Street in the Back Bay, are undergoing Chapter 7 bankruptcy proceedings.
Both companies have yet to file their detailed financial statements and summary of assets and liabilities, but they each listed an estimated $1 million to $10 million debt in U.S. Bankruptcy Court documents filed in Boston. Nader Corp. reported zero to $50,000 in estimated assets for The Tannery, while Alana Inc. reported $500,000 to $1 million for The Tannery Outlet.
The companies’ creditors run from well-known sneaker and shoe brands to high-end fashion designers, including Adidas, Balenciaga, Dolce & Gabbana, Dr. Martens, Decker Brands, La Canadienne, Lanvin, New Balance, Patagonia and Valentino, among others. The Tannery has been in business since 1973. Owner Hicham “Sam” Ali Hassan, the president of both companies, could not be reached for comment yesterday. A female employee who answered the phone at The Tannery, which also sells designer men’s and women’s clothing, said she was instructed to say the company had no comment.
“We’re not going out of business,” she said of The Tannery.
The Tannery location in Cambridge’s Harvard Square closed last year.
The bankruptcy trustee for both cases, meanwhile, has asked for court approval to sell the shoe and boot inventory of The Tannery Outlet Store at a public auction. The sale, if approved, would be conducted by Paul E. Saperstein Co. July 27 at 10 a.m., at the store’s 402 Boylston St. location and online at Bidspotter. com, according to court documents.
Paul E. Saperstein Co. declined comment yesterday.
The companies’ attorney and the bankruptcy trustee could not be reached.