Lingerie vendor sought bankruptcy protection
Posted on Tuesday, April 21st, 2015 at 6:42 pm
California-based lingerie vendor Frederick’s of Hollywood recently filed for Chapter 11 bankruptcy, claiming their business had suffered substantial financial losses since 2007, ABC News reported on April 20.
According to reports, the lingerie retailer sought bankruptcy protection after they shut down all their stores and attempted to continue the business online. Bankruptcy documents revealed that the company has estimated liabilities worth $106 million, while its assets listed were only estimated to be $36.5 million. Frederick’s of Hollywood Group Inc. stated that their business had not been profitable since 2007, and their stores were greatly affected by decreased mall traffic and high leases. Documents showed that the company would be sold to the party with the highest offer.
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