Famous New York Costume Shop Can’t Dress Up Chapter 7 Bankruptcy
High rent is forcing Odds Costume Rental to clean out their closets. Crain’s New York reports the New York company is filing Chapter 7 bankruptcy.
For the past 22 years Odds has supplied costumes for hit TV shows and star-studded films. Located in Manhattan, some of their most high profile productions include the long-running “Law & Order” and the Oscar-winning Tom Hanks film “Road to Perdition.”
According to papers, Odds owes just over $275,000, almost one-third of which is back payment on rent. Odds owner Jeanette Oleksa said her rent increased more than $5,000 per month a few years back. When revenue fell last year she was unable to keep up.
A revenue drop of 10 percent is blamed on more productions using sponsor donated clothes than traditional costume shops.
As part of the Chapter 7 bankruptcy, Odds has been liquidating their supply of costumes and props since the summer. It should be a one-of-a-kind sale.