The Rugged Bear Company Files Chapter 11

The Rugged Bear Company, a New England children’s activewear retail chain, announced Thursday that it filed a petition for protection under Chapter 11 of the U.S. Bankruptcy Code. The chain had been struggling with increasing liquidity restraints and a deteriorating relationship with some of its key landlords and vendors, but the filing will allow the company to close underperforming stores and reorganize around its more profitable locations. “It’s no secret that leases for stores negotiated even five years ago do not represent in many cases the economics needed to support a small retailer,” explained President and Chief Executive Officer Garrett Larson. “We have the opportunity to make substantive changes to the basic and fundamental profit model of our store base.” Rugged Bear also announced that Board of Directors member Bill End will transition to senior advisor of the company.