20-year-old boutique files for Chapter 7 bankruptcy, closing all locations

Group 1: Bankruptcy Filings - Several high-profile bankruptcies have occurred in various industries, including airlines and retail, amid a challenging economic environment [1] - Texas-based candy distributor Candy Warehouse filed for Chapter 11 bankruptcy in October 2025, while British watchmaker Fossil sought Chapter 15 protection due to unpaid American creditors [2] - The clothing brand Inca Boot Company also filed for Chapter 11 protection in September 2025 [2] Group 2: LIT Boutique Bankruptcy - LIT International Group Inc., operating as LIT Boutique, has filed for Chapter 7 bankruptcy, opting for liquidation rather than restructuring [3] - The boutique, which once had multiple locations, has seen a decline, with only one store remaining open on Newbury Street in Boston [4] - The bankruptcy filing revealed assets of $28,000 against liabilities exceeding $2.5 million, primarily owed to the U.S. Small Business Administration [6][7] - LIT Boutique is facing a lawsuit from Ciao LLC for allegedly breaching a lease contract for its North End location [8]