Wilson Leather To Liquidate Remaining Stores

(Reuters) – U.S. Fashion accessories retailer PreVu Inc (PRVU.PK: Quote, Profile, Research, Stock Buzz), formerly known as Wilsons The Leather Experts, said it will liquidate its remaining stores after it failed to obtain necessary financing for a new retail format.

The company expects to be fully liquidated by the end of October, it said in a regulatory filing with the U.S. Securities and Exchange Commission on August 14.

In July, the loss-making company had sold some of its assets, including 116 stores and the Wilsons brand name, to raise funds for the launch of stores selling women's fashion accessories.

“Because of the company's obligations, it is not expected that any shareholders of the company will receive any proceeds from the liquidation,” PreVu said in the filing.

The company also said it plans to discontinue the registration of its common stock with the Securities and Exchange Commission.

(Reporting by Saumyadeb Chakrabarty in Bangalore; Editing by Paul Bolding)