C. Wonder Officially Files for Bankruptcy

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Photo: Richard Levine/Demotix/Corbis

As the old saw goes: first come store closures, then comes bankruptcy. C. Wonder, Chris Burch's retail brainchild, filed for Chapter 11 today in New Jersey, according to BuzzFeed. “A combination of market pressures and mounting operating costs" led to the filing, per a company statement. Added Burch himself in the statement, "This is a very sad day for C. Wonder and its wonderful employees, vendors and customers.”

While the retailer has closed most of its doors, it will be liquidating merchandise at its four remaining stores in New York, for those looking for a bargain. And speaking of bargains, if you're looking for a townhouse in the West Village, the Daily News reports that Burch just cut the price of his West 12th Street residence by $7 million.