Aéropostale fills for bankruptcy
The US-based specialty retailer of casual apparel and accessories for teenagers, has filled for bankruptcy with plans to close around 150 stores in the US and Canada
Aéropostale filed for Chapter 11 bankruptcy on Wednesday, while it was seeking approval to immediately close 154 of its more than 800 stores. Not a complete surprise as the company has been struggling to compete with retail giants such as Zara, H&M and Forever 21, and has presented declining results in the last quarters.
Back in March the company already announced it was “exploring strategic alternatives,” including finding a buyer.
With the new proceedings the company hopes to emerge from the reorganization within the next six months as a "standalone enterprise with a smaller store base."
In the massive shutdown of stores are included all Canada stores and roughly 110 US locations.
Back in March the company already announced it was “exploring strategic alternatives,” including finding a buyer.
With the new proceedings the company hopes to emerge from the reorganization within the next six months as a "standalone enterprise with a smaller store base."
In the massive shutdown of stores are included all Canada stores and roughly 110 US locations.
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