Totes Isotoner Faces Storm Clouds Amid Mounting Debt Burden

Totes Isotoner Corp., famed for its umbrellas, gloves and rain boots, is running low on cash and has tapped investment bankers to help bring its soaring debt levels under control.

The company has turned to Houlihan Lokey, which specializes in restructurings, according to people with knowledge of the consultations. A group of creditors has also sought advice from lawyers at King & Spalding LLP amid concerns about Totes’ liquidity, said the people, who asked not to be identified discussing a private matter.

Totes has nearly 100 years of history in rain and snow gear, but consumers are buying less at ...