It’s official: We’re all getting old! Aéropostale, the beloved clothing brand that most '90s babies revered in high school, filed for Chapter 11 bankruptcy protection on Wednesday, May 4. While the company expects to resurface after a six-month period, it'll have to borrow $160 million from lenders Crystal Financial LLC, according to a court document.
As a result of the mall chain’s long-standing financial issues, Aéropostale will close 113 stores in the United States and all 41 in Canada. Currently, there are 739 stores in the U.S. and Puerto Rico.
Compared with competitors like Forever 21, Aéropostale’s popularity has waned for quite some time. A March press release from the brand revealed that net sales for fiscal year 2015 decreased 18 percent to $1.507 billion from $1.839 billion in fiscal year 2014.
Aéropostale isn’t the only teen brand that’s experienced trouble in recent years. American Apparel filed for bankruptcy protection in 2015 and was able to exit it in February. But Delia’s and Wet Seal didn’t have such luck — they filed for bankruptcy in 2014 and 2015, respectively.
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