Ashley Stewart is filing for bankruptcy and closing 27 of its stores as part of a restructuring plan that might result in a sale of the company.
The retailer — focusing on plus-sized women’s clothes — filed for bankruptcy on Tuesday in U.S. Bankruptcy Court of the District of New Jersey. Ashley Stewart issued a separate statement saying that the retailer already has potential buyers.
“We are encouraged to see that several entities from both the financial and apparel industries have expressed interest in Ashley Stewart,” said senior vice president of finance Michael Abate.
The statement said that Ashley Stewart suffered a decline in revenue and profitability in 2012.
Abate said that there is reason to be hopeful as the plus-size market is set to increase in the near future, especially for the age 25-55 demographic.
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