Chapter 11 for Hip-hop Retail Chain ; Against All Odds Cites Crunch
Moonachie-based hip-hop retail chain Against All Odds has filed for Chapter 11 bankruptcy protection, a victim of the recession, credit crunch and shift in consumer demand from expensive name brands to bargains.
Against All Odds, which rode the popularity of the hip-hop and rap culture to build a chain of 64 stores in eight states, with sales of more than $120 million, is the latest victim of an economic triple whammy that has caused a wave of retail bankruptcies. The company, in court documents filed with the U.S. Bankruptcy Court in Newark on Monday, said it found itself with frozen lines of credit, suppliers demanding cash and declining sales as the crucial holiday season approached.
The company stated in the documents that it has not decided which of its 64 stores will conduct going-out-of-business sales. Against All Odds plans to close its West Coast stores and reorganize its Northeast locations, or find a buyer for those stores. The company intended to open 25 stores in 2009 but has canceled those plans.
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