ANAHEIM, United States — Teen trend retailer Styles For Less Inc filed for chapter safety, the newest attire retailer to go stomach up following declining gross sales.
The Anaheim, California-based mostly firm listed property and liabilities between $10 million and $50 million in its submitting within the US Bankruptcy Courtroom, Central District of California on Monday.
The firm listed wholesale suppliers comparable to Vivace and Ambiance amongst its greatest collectors.
Styles For Less sells ladies's garments and equipment at about 100 shops in malls and retailers in California, Nevada, Utah, Arizona and Florida, in response to its web site.
The retailer deliberate to reorganize its debt throughout the chapter, and was searching for a mortgage to fund it by way of the method, Reuters had reported final week.
The quantity of retail bankruptcies in 2017 has already surpassed final yr's complete of 9 and is ready to eclipse the 20 filed throughout the 2008 monetary disaster, in response to consulting agency AlixPartners.
Denim retailer True Faith and youngsters's put on vendor Gymboree Corp are amongst attire retailers which have filed for chapter this yr.
By Sruthi Ramakrishnan; editors: Saumyadeb Chakrabarty and Sriraj Kalluvila.