Teen fashion retailer Styles For Less files for bankruptcy

[CALIFORNIA] Teen fashion retailer Styles For Less Inc filed for bankruptcy protection, joining a growing list of apparel retailers that have been forced to take the step following declining sales.

The company listed assets and liabilities between US$10 million and US$50 million in its filing in the US Bankruptcy Court, Central District of California on Monday.

It listed retailers such as Vivace and Ambiance among its biggest creditors.

The Anaheim, California-based retailer sells women's clothes and accessories at about 100 stores in malls and outlets in California, Nevada, Utah, Arizona and Florida, according to its website.

The retailer plans to reorganize its debt during bankruptcy, and is seeking a loan to fund it through the process, Reuters had reported last week.

The number of retail bankruptcies in 2017 has already surpassed last year's total of nine bankruptcies and is set to eclipse the 20 filed during the 2008 financial crisis, according to consulting firm AlixPartners.

Denim retailer True Religion and children's wear seller Gymboree Corp are among the apparel retailers that have filed for bankruptcy this year.

REUTERS