After years of failed marketing efforts, teen retailer, Aeropostale plans to immediately close 20 percent of its stores.
Reports that the organization had losses for 13 straight quarters led to the decision to file for chapter 11 bankruptcy. Reps say the brand will attempt to “achieve long-term financial stability.” Last month, the New York Stock Exchange announced that it would no longer list the retailer because its stock price was so low.
The bankruptcy plan includes shuttering 154 of its U.S. and Canada stores, according to court documents. It has also secured $160 million in financing from a partner.
CNN Money explains how Aeropostale got this state: