- Teenage clothing retailer Delia's said it will file for Chapter 11 bankruptcy protection after being unable to find a buyer, according to a statement the company released on Friday.
- The retailer will liquidate all merchandise and has entered into an agreement to dispose of all assets.
- Delia's said in September that it was exploring a sale or merger, hinting then that it may not have enough cash to last the year.
Once popular in the 1990s thanks to its catalog business, Delia's, which went on to open stores catering to its teenage girl following, has been hurt by declining sales and a decrease in mall traffic. With younger crowds showing increased interest in fast-fashion and unique trends, it looks like it took the retailer too long to adapt to the shifting demands of its customer base.