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.