Project Runway Contestant Files For Chapter 7 Bankruptcy
Jerry Tam, designer and founder of Form fashion label and a contestant on the 2008 edition of “Project Runway” filed for Chapter 7 bankruptcy, reports Crain’s New York Business.
Tam owes more than $2 million to creditors that include big names like Elite Model Management and PR firm Funky Lala Productions. His clothes, including a $1,000 jacket, retail at small number of boutique shops around the country and brought in almost nothing in sales last season, he told Crain’s.
He was cut from Project Runway in 2008 after a challenge forced contestants to create clothing from common grocery items.
In other Chapter 7 news:
- Lenny Dystrka may be forced by a court to change from a Chapter 11 to a Chapter 7 bankruptcy because of an issue on the insurance on a $17.4 million house he purchased from Wayne Gretzky, according to the Wall Street Journal.
- J.S. Kempf & Associates, a homebuilder based just outside of Charlotte, N.C., is filing for bankruptcy with more than $4.4 million in debt. The company is responsible for homes in luxury developments such as The Palisades and The Club at Longview, according to the Charlotte Observer.