Teen apparel retailer Delia*s Inc filed for Chapter 11 bankruptcy protection and said it had hired advisers to help liquidate its assets.
The company listed total assets of $74 million and liabilities of $32.2 million in its filing on Sunday with a U.S. bankruptcy court.
The company also said Chief Executive Tracy Gardner and Chief Operating Officer Brian Lex Austin-Gemas resigned on Friday.
Delia*s said on Monday Salus Capital Partners LLC will give it a $20 million debtor-in-possession credit facility to continue operations, conduct store closings and closeout sales.
Several teen apparel retailers have been losing market share to fast-fashion brands such as H&M, Forever 21 and Inditex's Zara, which bring the latest styles from the runway to their stores within weeks.
They have also been losing out to online retailers such as Amazon.com Inc, who can afford to offer deeper discounts on apparel than those available at brick-and-mortar stores.
Delia*s had warned on Friday it was liquidating assets and would file for Chapter 11 bankruptcy protection "in the very near term, " sending its shares down 84 percent.
Teen and young women's fashion chain Deb Shops, which is controlled by private equity firm Cerberus Capital Management [CBS.UL], filed for its second bankruptcy in less than four years on Thursday and said it would seek a buyer.
Delia*s shares were down 7.4 percent at 1.8 cents in pre-market trading on Monday.
The case is In re: Delia*s Inc, U.S. Bankruptcy Court, Southern District of New York, No: 14-23678.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty and Siddharth Cavale)