A Dunwoody company that makes leather belts and wallets for Target, Disney and Under Armour has filed for bankruptcy.
Circa of America reported about $10 million in liabilities compared to about $622,000 in assets, according to a document filed on Friday in federal court in Atlanta. The company generated about $24 million in revenue last year, a 21% decline from 2018.
Circa makes products that were sold under different brand names and for various retailers, including The Gap and Nordstrom. The coronavirus pandemic forced many retailers and malls to close for weeks, which pummeled sales. Another Circa customer, J. Crew, itself filed for bankruptcy earlier this month.
Circa did not provide an explanation in court documents for its bankruptcy filing. An increasing number of U.S. companies have filed for bankruptcy in recent weeks, including JCPenney and Hertz rental cars, as the impact of COVID-19 is felt throughout the economy.
Most of Circa’s largest creditors are foreign companies that supply the company with raw leather, finished leather goods and metal accessories. Some of its largest vendors are located in China, Mexico, Taiwan and Vietnam.
Circa moved its headquarters to Atlanta last year from San Francisco, where the company was founded in 1967. Circa also closed a manufacturing facility in California at the time of its move.
