The battle for five floors

THE bloom East certainly disabled THE pink has Five floors.

THE ancient the owners of THE top of the line New York City based women's clothing retailer are pursue THE current owner For infringe of contract.

According to has A trial deposit In New York State Supreme Court, FCM Rental Ltd., which account ancient Five floors owner Fred Distenfeld as A main, And Five floors New York SARL, are pursue FS new York Fashion Business SARL And Karen Murray For $500,000. THE Rising East What Murray always must Distenfeld For her purchase of THE business In December 2019, as GOOD as A equal Rising She personally guaranteed, FCM alleged In court papers.

According to has THE court papers, FS new York Fashion Business agreed has buy Five floors assets And operations For $500,000. THE purchase included FCM interest In THE stores rental, arrangements And inventory. FS new York Fashion paid $250,000 has THE closing of THE transfer of assets And agreed has pay THE stay In five equal payments of $50,000 each, THE papers said. THE Payments were due on THE First of all birthday of THE closing, which occurred on Feb. 14, 2020, And SO each six month After — but THE balance was Never paid, FCM alleges.

THE trial Also said that Murray "guaranteed FS new York The fashion payment obligations " In order has "induce" THE the owners has sell her THE business. As A result, FCM Rental East Also while searching A judgement against Murray personally For A additional $250,000.

In answer, FS new York Fashion Business And Murray said he was their intention has continue Operating Five floors has THE even location, 18 East 69th Street, but shortly Before THE closing date, THE papers said, "he became apparent that [FCM Rental] was unable Or not wanting » has assign THE rental has FS new York Fashion Business And Murray as THE new owner. “FSNY was SO LEFT In THE precarious position of having spent significant are on inventory, to rent out And pay For staff And necessary has proceed with THE opening of THE business. As A result, FSNY was LEFT with No choice but has close on THE purchase agreement. »

But shortly After socket possession of THE space, FS new York Fashion Business was "informed by THE owner that he would be not honor THE assignment of THE rental," THE papers said, And treaty "as A unauthorized occupant," force THE business has move.

Five floors moved has 1020 Madison Street has 79th Street In March of 2020. THE store has Next moved Again has It is location has 1044 Madison Street, Or he has has been Operating Since THE fall.

In FSNY answer has THE breach of contract trial, THE new owner Also alleged that Distenfeld And Five floors directors had agreed has to assist THE Buyer "In maintain And retain THE clients And contracts » he had built up Since It is foundation In 2012, but they "failed And denied" has TO DO SO. He Also referred has "tense relationships" that THE business had with sellers And Suppliers Before THE change In property.

THE business Also disputed THE do that Murray had personally guaranteed THE sale price.

As A result, FSNY request THE court has dismiss THE complaint.

THE judge assigned has THE case, Lucy Billings, East No longer monitoring THE matter And THE evenings are waiting For A new justice has be assigned.

Murray could not be reached And her has...