Stamp dealer Stanley Gibbons has put its US division into administration following a rent dispute with Stella McCartney.
The fashion house closed its Manhattan boutique in April last year and stopped paying Stanley Gibbons rent. The stamp seller had sublet the property on Madison Avenue to the fashion label and was out of pocket to the tune of $1.3m.
After failing to cut a deal with the shop’s owner, Stanley Gibbons requested Chapter 11 protection for its US subsidiary, Mallett Inc.
Stanley Gibbons said it had reached a “settlement agreement” with the fashion brand last month, but did not reveal the terms. It failed to secure relief on its rent arrears and could not negotiate an early termination of the lease, which runs until 2027.
Stella McCartney had been renting the shop from Stanley Gibbons since 2016.
The building is owned by the Goldman family, which controls property with an estimated value of $13bn.
