Teen fashion retailer Aeropostale just filed for Chapter 11 bankruptcy protection, following in the footsteps of other struggling retailers.
The company has been losing shoppers for years to online competitors, and as part of its necessity to become a leaner entity, Aeropostale will shut down 113 US stores and all of its 41 shops in Canada, Reuters reports.
The company will finance its operations through bankruptcy with a $160M loan from Crystal Financial combined with operating cash flow and expects to emerge from bankruptcy within six months, according to a court filing. [Reuters]
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