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Martin Lawrence Files Bankruptcy Petition

December 18, 1996|Times Staff and Wire Reports

Van Nuys-based Martin Lawrence Limited Editions Inc. said it filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code. The company said it had been contemplating a Chapter 11 filing in light of its recent third-quarter financial results and the burden of several unprofitable galleries. "The company has decided to close several galleries due to declining sales and believes that it can successfully reorganize its financial obligations, including its lease obligations, through a Chapter 11 filing," said Chairman Allen A. Baron. The company is an integrated publisher, retailer and wholesaler of limited-edition serigraphs, lithographs, sculpture and other works of fine art created by internationally renowned and emerging artists.

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