The Limited, a women’s apparel chain based in the United States, filed for Chapter 11 bankruptcy protection, having shuttered all 250 stores nationwide.
The Tuesday (Jan. 17) filing marks the latest casualty in the brick-and-mortar pantheon to file for bankruptcy protection, having come up short in the battle against online retailers, said Reuters.
The newswire said that The Limited, which was in operation over five decades, was at the mercy of sliding mall visits and also carried the burden of expensive leases. Beyond the store closings, said Reuters, an affiliate of the private equity firm Sycamore Partners agreed to pony up a roughly $26 million “stalking horse” bid for intellectual property owned by The Limited, which would extend to trademarks and social media. That amount is the minimum bid for assets that would be sold at auction, likely to be scheduled for within the month.
The Limited joins fellow bankrupt retail firms, a roster that includes Pacific Sunwear, Sports Authority and American Apparel, and those companies all filed within the past year. And as has been widely reported, retail stalwarts such as Sears and Macy’s are shutting down several brick-and-mortar locations this year.
Brands that had been part, or launched by, The Limited included Limited Express, Lane Bryant and Abercrombie & Fitch.