No Moe

Moe Ginsburg, a men's apparel institution in New York for 85 years, has entered Chapter 7 bankruptcy liquidation.

The retailer, in its present location at 21st Street and Fifth Avenue since the 1970s, had filed for Chapter 11 bankruptcy protection in May 2001. But its attempts at reorganization were thwarted by continuing financial difficulties, and after efforts to raise cash through loans and sales, it closed its doors earlier this month. Ginsburg's creditors petitioned the bankruptcy court to convert the retailer's case to liquidation.

“The case was converted because of the debtor's inability to raise cash,” Ginsburg's attorney said. “The conversion took place one week before we were scheduled to have a confirmation on the plan of reorganization.”

One significant reason given for the retailer's change of fortune was a $5 million store renovation project begun in 1999. It was designed to change the image of the store from warehouse discounter to upscale clothier.