Bankruptcy: Pink and Green and in the Red

When Socialite Lilly Pulitzer started selling flower-splattered print dresses in a Palm Beach, Fla., shop in 1962, her designs quickly caught the fancy of wealthy matrons from Bel Air, Calif., to Bar Harbor, Me. Pulitzer's trademark pink-and-green styles became the epitome of preppiedom and led to the opening of 33 boutiques across the country. But after nearly two decades of cachet, Pulitzer has fallen out of style and into the red. Last week her company, which had sales of more than $10 million a year in its heyday, filed for bankruptcy in...

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