FREEPORT, Maine — The downtown Freeport women’s clothing boutique Sashay’s has filed for Chapter 7 bankruptcy, seeking to liquidate all of its assets to pay off what debts it can.
The company filed for bankruptcy last week, seeking to resolve about $180,790 in liabilities, more than half of which is from a family business loan.
The store has to clear its inventory and furniture from the Maine Street storefront just across from L.L. Bean’s flagship store by Thursday, according to the bankruptcy filing.
The company’s debt was primarily a $100,000 personal loan and about $57,000 in combined business debts to Swift Financial Corp. and Bank of America. The company listed no outstanding tax bills to either the state or federal government.
The store at 116 Main St. sold clothing and jewelry for women. It incorporated in 2008, according to records from the Maine secretary of state’s office.