After several aggressive attempts to save its business, lingerie retailer Frederick’s of Hollywood will file for bankruptcy—its second such filing in 15 years, The Wall Street Journal reported Friday.
The 69-year-old bra merchant had recently shuttered all of its store locations and announced that it would only sell its risqué attire online, according to a message posted on the “store locator” page of the company’s website.
Frederick’s has been privately held since a group of investors including the Harbinger Group (HRG) acquired it last year in a $24.8 million transaction. The retailer had previously filed for bankruptcy in 2000, but emerged in 2003 “with a strong balance sheet, new financing and positive sales momentum,” the company said at the time.
Still, the company continued to struggle, saying in February that it would close at least a third of its stores in a restructuring attempt, and had hired Great American Group to help it liquidate inventory.
Among the challenges Frederick’s faced may have been the fact that some of its products might contain lead, which the company was forced to warn shoppers about on its website due to a California regulation requiring merchants to disclose chemicals that are linked to cancer and birth defects.
Now, Frederick’s is planning to file for Chapter 11 bankruptcy as early as this weekend, according to the WSJ report. It will also put itself on the auction block, and already has a potential buyer in mind.
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