Limetree, a local retail chain, files for bankruptcy
The Atlanta Journal-Constitution
Local retailer Limetree has filed for bankruptcy.
Limetree shops are known for their selection of hostess gifts and Vera Bradley bags. The company was founded by David Touwsma and Angel Brown Touwsma, who are husband and wife, and his mother Gail Touwsma.
The company was opening new stores in 2008, just as the economy hit the skids. The chain currently has six metro Atlanta locations, including The Avenue Webb Gin in Snellville and The Forum in Norcross.
Bankruptcy attorney Cameron McCord of Jones & Walden said the company intends to keep as many of its stores open as possible while it restructures.
She said Limetree's main issue is rent payments. The company needs to restructure some of its leases, she said, or move to less expensive locations.
In the bankruptcy filing with the U.S. Bankruptcy Court of the Northern District of Georgia, Limetree listed vendor Vera Bradley as its largest creditor, in the amount of $139,186.
The filing shows that Limetree owes its 20 largest creditors nearly $573,000. Creditors include landlords, plus other vendors like Gund, Papyrus and Vive la Fete.
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