The clock has run out on embattled teen retailer Aeropostale, which filed for bankruptcy on Wednesday after losing money for 13 consecutive quarters. The company said it would be closing 113 stores in the United States, in addition to its 41 stories in Canada, as it seeks to “achieve long-term financial stability.”
Aeropostale listed assets of $354 million in the Chapter 11 filing, while its debts totaled $390 million. The company said it has secured $160 million in financing from Crystal Financial LLC. The retailer said it intends to emerge from bankruptcy withing the next six months after getting rid of or renegotiating “burdensome” contracts and resolving a dispute with former investor Sycamore Partners. FULL REPORT
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