NEW YORK – The retailer dELIA(asterisk)s, which focuses mostly on teenage girls, is going to sell off all of the merchandise it owns and anticipates filing for Ch. 11 bankruptcy protection "in the very near term."
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The chain said Friday that it decided to take such action after being unable to find a merger partner, or get an acquisition or financing proposal enabling it to remain a going-concern.
The New York company entered a deal with Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC to liquidate the merchandise, as well as dispose of certain furnishings, trade fixtures, equipment and improvements to real property.
Merchandise sales under the agreement may start as early as Friday.
The retailer said that it will seek the bankruptcy court's approval to close all existing stores and distribution centers and to conduct store closing and going out of business sales.