The Limited Stores Has Filed for Bankruptcy

The Limited Stores has announced that the company is filing for bankruptcy.

The Limited
Source: ©

The retailer has filed for Chapter 11 about a week after announcing that it was shutting down all 250 stores in operation. Workers across 42 states are being laid off as a result, amounting to the shuttering of 4,000 positions.

The Limited also announced that it was shutting down its website, eliminating the opportunity of buying the company’s products through its online portal. Overall, brick-and-mortar locations in the retail industry have been hit hard by a slump that has seen more and more people do their shopping online rather than in person.

This retailer was especially popular among women who were looking for products that looked good for reasonable prices. They didn’t have to break the bank in order to look presentable in the workplace thanks to The Limited.

Before the retailer closed down, it was offering all its products in its e-commerce website for a 50% discount. In order to move on from its tough times, The Limited has agreed to sell itself.

It has begun a purchase agreement with a firm that is an affiliate of Sycamore Partners. The private equity firm’s subsidiary has agreed to acquire the company’s intellectual property and related assets.

The acquisition has yet to happen as it is subject to the approval of the country’s Bankruptcy Court.

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