The US Bankruptcy Court granted an order for relief for liquidation under Chapter 7 for the involuntary petition filed against Tandy Brands Accessories, Inc. on April 23, 2014. Diane G. Reed has been appointed as the Chapter 7 trustee for the debtor's bankruptcy case. The debtor listed its assets of $4.85 million and liabilities of $15.92 million.

The largest unsecured creditors include Ocean Ken International, Ltd., Ample Sources Industries Limited, Best Development Company, Ltd, Ningbo Jiangbei Keep Fine Industrial & Trade Company Limited, APL Limited, Deloitte Financial Advisory Services LLP, Ekon Group Ltd, Iconix Brand Group, Inc., Manhattan Associates, Inc. and Joe-Anne Company International Inc.