(Reuters) - Teen fashion retailer Styles For Less Inc filed for bankruptcy protection, the latest apparel retailer to go belly up following declining sales.
The Anaheim, California-based company listed assets and liabilities between $10 million and $50 million in its filing in the U.S. Bankruptcy Court, Central District of California on Monday.
The company listed wholesale suppliers such as Vivace and Ambiance among its biggest creditors.
Styles For Less sells women’s clothes and accessories at about 100 stores in malls and outlets in California, Nevada, Utah, Arizona and Florida, according to its website.
The retailer planned to reorganize its debt during the bankruptcy, and was seeking a loan to fund it through the process, Reuters had reported last week.
The number of retail bankruptcies in 2017 has already surpassed last year’s total of nine and is set to eclipse the 20 filed during the 2008 financial crisis, according to consulting firm AlixPartners.
Denim retailer True Religion and children’s wear seller Gymboree Corp [BNCPLY.UL] are among apparel retailers that have filed for bankruptcy this year.
Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty and Sriraj Kalluvila
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