U.S. teen clothing retailer Delia's has announced it will entirely liquidate its merchandise and file for Chapter 11 bankruptcy protection. The company has not released an annual report since 2007, and announced in September it was looking for either a partner or buyer. Delia's is among several other clothing retailers aimed toward teens that has suffered this year, like Aeropostale and Abercrombie & Fitch.
Delia's currently consists of 95 branches nationwide, and still creates catalogs and updates its online store. However, stocks plummeted to 85% since the company publicly announced bankruptcy, which rounds out to less than one cent per share. It even told shareholders not to hold their breath for any decent revenue from liquidation sales.
The company was founded in 1993 by two Yale graduates, gaining prominence because of its site gURL.com (now owned by Seventeen magazine) and its catalog popular among teenage girls.
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