Racy lingerie retailer Frederick's of Hollywood is seeking bankruptcy protection in federal court after closing all of its stores and switching to an online-only business, which it intends to sell to the highest bidder.
The privately held company says competition, decreased mall foot traffic and onerous leases helped push it into a Chapter 11 bankruptcy filing.
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Frederick's of Hollywood Group Inc. says in bankruptcy court papers that it has not had a profitable fiscal year since 2007. Its balance sheet lists about $36.5 million in assets and around $106 million in liabilities.
Last year, the company finalized a nearly $25 million deal in which it was taken private by a consortium that included a subsidiary of New York-based Harbinger Group Inc.
A company website says it no longer operates stores.