US-based women’s apparel retailer, The Limited has filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court with plans to sell its brand name and other assets.
“Despite years of popularity, the debtors, like many other retailers, recently faced significant operational challenges—including declining mall traffic and lower-than-projected sales. This resulted in a drop in earnings over the course of the recent years,” said Timothy Boates, Chief Restructuring Officer, The Limited.
But it was still able to snag an offer from an affiliate of Sycamore Partners for its brand name and related e-commerce assets. The Limited brand will go to auction with a starting price of US $ 25.75 million.
Also Read – The Limited to close all its stores across US
It may be noted that before taking this latest step, the company had already closed the roughly 250 stores that it operated in 42 states after failing to find a buyer willing to keep the company operating, and also shut down its website.
