JG Worldwide has filed for Chapter 7 bankruptcy in the Southern District of New York.
The New York-based public relations and travel company, according to the court filing, has up to $10 million in debt and no assets for creditors. As of now, six creditors are owed more than $2 million.
One of these is Mercury Advertising, which sued the company in January. JG Worldwide, according to the suit, did not follow through with several payments on a $310,000 Promissory Note. Plaintiffs were awarded more than $220,000.
Note: Chapter 7 is the simplest form of bankruptcy, whereby all the debtor’s non-exempted assets are distributed to claimants.
The debt was amassed in part by several JG Worldwide affiliates including:
- Revealed Enterprises, LLC
- Heritage Tours USA, LLC
- JJT Acquisition, LLC
- Millenium Voyages,
- City Escapes, Inc
- Mercury Advertising Inc
JG Worldwide is a network of brands, including Heritage Tours, Revealed America and JG Black Book. It also includes The Bodhi Tree Foundation, which provides aid to grassroots charitable initiatives across the globe.
Several of the company's brands come from recent acquisitions. As reported by our partner publication, Luxury Travel Advisor, in 2017 JG Black Book founder Jena Gardner purchased Revealed America. In 2016, she purchased Heritage Tours Private Travel.
This story originally appeared on www.luxurytraveladvisor.com.