Designer Vault, the purveyors of vintage Chanel announced today that they have ceased operations and have filed Chapter 7 bankruptcy. Their website is shut down, Facebook page is gone and Instagram while still live, has removed the comment option.
The owner sent emails out to their consignors that were either that their items would be shipped back with a tracking number or a referral to their lawyer who is handling the bankruptcy.
Below is the response from the lawyer retained:
“I have been retained as the bankruptcy counsel for Designer Vault LLC.
The company intends on filing chapter 7 bankruptcy in the coming days.
Please provide for me your name and current mailing address so that you may be properly listed on the bankruptcy petition and receive notices from the Court.
Please note that I am not a disinterested party. I represent Designer Vault LLC. I do not represent you or your interests. I am not permitted to provide you legal advice. You may wish to secure the advice of your own legal counsel in this matter.
If you have an attorney, please forward this correspondence to that individual so that I may speak directly with him/her. Please also notify me if you have retained an attorney so that I can only speak to that person going forward.
http://thevclawgroup.com/ Vik Chaudhr”
It’s always sad when a business closes but if you don;t have a strong business plan and support, you will fail in this industry.