WHITE PLAINS, New York — After 111 years in operation, Brunschwig & Fils announced that it has filed for Chapter 11 bankruptcy protection and has listed more than 200 creditors.

“The textile industry has been hard hit by the significant decrease in consumer spending and severely affected by the global economic downturn,” the company said in a statement to the press. “As a result, Brunschwig has experienced declining sales and profitability over the last several years.”

Kravet is currently the stalking horse in the restructuring process; the auction remains open for other potential buyers to outbid Kravet.  

Brunschwig confirmed that it will not close its 22 showroom locations.

“The restructuring is a business decision that will not affect the quality of our products, or present and future orders,” said Olivier Peardon, Brunschwig's chief executive. “Our relationships with the lines we represent remain intact and the Brunschwig & Fils Design Studio is creating new patterns for future release.”