London Fog Files for Bankruptcy Protection

London Fog Industries Inc., one of the best-known names in raincoats, sought Chapter 11 bankruptcy protection and said it will close about 110 of its 140 retail stores. The closings will eliminate about 500 of the company’s approximately 1,500 jobs. The Chapter 11 filing in U.S. Bankruptcy Court in Wilmington, Del., is aimed at halting the decade-long decline of the Eldersburg, Md.-based company, which has struggled against imported outerwear, towering debt and numerous management problems. London Fog sought to continue normal operations while working out a reorganization plan and negotiating payments to more than 200 creditors. According to the filing, the company owes its 20 largest creditors more than $101 million.