Lucien Piccard Files Chapter 11 Bankruptcy in Florida
Lucien Piccard Inc. and affiliated companies LP Watch Group and Charles Winston Luxury Group filed for Chapter 11 bankruptcy protection in Florida on July 14. Documents filed with the court show that together, the three companies have about $25 million in liabilities and $22.5 million in assets. Chapter 11 gives companies facing creditor pressure time to reorganize their business.
Lucien Piccard was founded in Switzerland in 1923. In recent years, the Hollywood, Florida-based LP Watch Group launched new brands LP Italy, LP Swiss, and DuFonte by Lucien Piccard. The LP Italy “Stratosphere” watch (shown below) won the JCK 2005 award for most innovative new design. Reports indicate that the brand spent heavily on advertising and marketing during 2007-2009. In 2007, LP Watch Group became a sponsor of the American Le Mans auto racing series. The Group also sponsored the Executive Women’s Golf Association.
About the Author: My name is Mike Disher and I am WatchTime's online editor. My interest in watches dates to 1972 and I caught the internet bug in 1997. In 1999 I combined these interests by joining TimeZone.com as its first full-time employee, and later that year I attended my first Basel Fair. I managed TZ from 2000-2007, and in 2008 I joined WatchTime. My other interests include cycling, cars, building custom turntables, painting, and inventing.
