"LIT Boutique, a women's designer clothing and accessories shop that has been a fixture on Newbury Street for 25 years, has filed for Chapter 7 bankruptcy, signaling a likely end for the longtime retailer. Once a small local chain with four locations across Boston; Portsmouth, New Hampshire; and Newport, Rhode Island, the woman-owned boutique has steadily shrunk and now operates only its original store at 223 Newbury St."
"The bankruptcy filing comes as the Retailers Association of Massachusetts reports that the state's small-business community is at a critical inflection point due to rising operating costs, product availability constraints stemming from tariffs, and reduced profitability. LIT International Group, Inc., the company name for LIT Boutique, filed for bankruptcy on Dec. 11 in the District of Massachusetts, United States Bankruptcy Court."
LIT Boutique, a woman-owned women's designer clothing and accessories shop, filed for Chapter 7 bankruptcy after 25 years on Newbury Street. The business once operated four locations across Boston, Portsmouth (New Hampshire) and Newport (Rhode Island), but now only its original store at 223 Newbury St. remains. Owner Ying Lisa Shah listed assets of over $28,000, mostly unsold inventory, and liabilities exceeding $2.5 million, including credit card debt, taxes and unpaid rent. The U.S. Small Business Administration is the largest creditor, claiming $2 million owed. A separate lawsuit alleges roughly $60,000 in unpaid rent at a North End lease.
Read at Boston.com
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