Sakowitz and four units filed under Chapter 11.

The Houston-based high-fashion speciality store--one of the last still owned by its founding family--reported that it will seek protection from its creditors under the U.S. Bankruptcy Code rather than sell to a competitor. The 83-year-old business filed a petition with the U.S. bankruptcy court seeking time to scale down its operations, reorganize and return to profitability. The four units that also filed for protection include Sakowitz of Amarillo, Sakowitz of Arizona, Sakowitz of Gulfgate and Sakowitz of Oklahoma.