Searle in Chapter 11

New York City Tom Jones Inc. and Searle Blatt & Co., parent companies of upscale coat marketer Searle, filed for Chapter 11 bankruptcy protection earlier this week, according to Craine’s New York Business.

The outerwear company will use the filing to renegotiate the leases for its seven Manhattan locations, the report said.

The filing did not come as a surprise. Over the summer, it was rumored that Searle was seeking new financing because its primary lender was no longer comfortable with the account, Craine’s reported. In addition, the retailer was advertising deep discounts in September, before the winter coat selling season had even begu