Aeropostale Hits Ch. 11, Plans To Shutter 154 Stores

By Jonathan Randles (May 4, 2016, 7:53 AM EDT) -- Teen apparel retailer Aeropostale filed for bankruptcy Wednesday in New York carrying $223 million in funded debt, and it plans to immediately close 154 stores, becoming the latest apparel chain to seek court protection amid fierce competition and the changing buying habits of consumers.

Aeropostale listed approximately $216 million in assets in its Chapter 11 petition. The company, which is being represented by Weil Gosthal & Manges LLP, has lined up a proposed $160 million financing package with Crystal Financial LLC to keep the business operating during the Chapter 11 case.

Industry watchers had for weeks been predicting Aeropostale's bankruptcy after...

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