The company hopes bankruptcy will allow it to renegotiate its leases and focus on high-performing stores "to establish a foundation for sustainable long-term growth," Perfumania CEO Michael Katz said in a prepared statement.
Perfumania plans to focus on boosting its online sales to offset its losses.
Retailers such as Bebe, Staples ( SPLS ) and JCPenney ( JCP ) have closed thousands of stores this year.
There are some positive signs for retail: the second quarter brought some unexpectedly good earnings from many brands.
- Perfumania to close 64 stores, blames declining mall traffic for bankruptcyNew York Business Journal
- Perfumania Files For Chapter 11PYMNTS.com
- Perfumania files for Chapter 11 bankruptcy, will close 65 storesNewsday
- Perfumania Holdings Chapter 11 Petition, Plan FiledBankrupt Company News (press release) (blog)
- Perfumania files Chapter 11; to close more storesChain Store Age
- Perfumania files for bankruptcy, plans to close storesRetail Dive
- Retailer Perfumania announces recapitalization, Chapter 11 filingReuters
- Fragrance Retailer Files Chapter 11 With $84MM DIP Commitment From Wells FargoABL Advisor