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Clive-based Landmark Luggage and Gifts LLC has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code, citing nearly $1.7 million in debts and $622,481 in assets.

The company, with corporate offices and a warehouse at 2165 N.W. 108th St., Suite F, operates stores at Valley West Mall in West Des Moines and at shopping centers in St. Louis, Omaha, Brookfield, Wis., and Mequon, Wis. Landmark closed a store last month in Wichita, Kan.

Landmark’s retail sales dropped to $4.4 million in 2008 from nearly $5.9 million in 2007. Sales between Jan. 1 and Feb. 10 totaled $326,192, according to the filing in U.S. Bankruptcy Court in Des Moines.

The company has $39,448 in monthly lease payments due for its stores in Omaha, St. Louis and Brookfield, according to the filing. Its $11,145 monthly rent at Valley West Mall is current.

Donald Neiman, who filed the bankruptcy petition for Landmark, said the company is exploring a variety of options during its reorganization, including cutting back on its number of stores and possibly selling the business, which was founded in 1986.

Landmark’s shareholders are Martin Brody of Des Moines, who has a 95 percent ownership stake, and Robert Jurgensmeier of West Des Moines, who has a 5 percent interest, according to the filing.

Brody is listed as Landmark’s president, and Jurgensmeier is listed as vice president.