Martin Lawrence Limited Editions Inc., the long-struggling Van Nuys-based art gallery chain, has filed for Chapter 11 bankruptcy protection.
The company said several weeks ago that it might file for Chapter 11 because of its ongoing financial problems.
Martin Lawrence's chairman, Allen A. Baron, said in a statement, "The company has decided to close several galleries due to declining sales and believes that it can successfully reorganize its financial obligations . . . through a Chapter 11 filing."
Baron said the company will continue to operate and hopes to emerge from bankruptcy within 12 to 18 months.