Delia's To Liquidate Merchandise, File For Bankruptcy

Delia's Inc. entered into an agreement to liquidate all its merchandise, to begin as early as Friday, and dispose of certain furnishings and equipment. The teenage-girl apparel retailer said it expects to file for bankruptcy in the "very near future," and seek approval from the bankruptcy courts to close all of its existing stores and distribution centers. After the bankruptcy, the company said it doesn't expect any value to remain on its common shares. The trading halt on the stock will be lifted at 8:00 a.m. ET. The stock, which closed Thursday at 12 cents, has lost 87% so far this year.