As part of the filing, the retail brand is shutting down 113 of its U.S. stores and 41 in Canada, a move necessary to “achieve long-term financial stability,” the company stated. Aeropostale’s sales have dipped increasingly, with a 16 percent drop last quarter. CNN reports:
The retailer said it intends to emerge from bankruptcy within the next six months after getting rid of or renegotiating “burdensome” contracts and resolving a dispute with former investor Sycamore Partners.
The company is currently looking for buyers to pull them from the trenches of irrelevance, as cheaper, trendier stores a la H&M and Forever 21 continue to kill off these retail dinosaurs.
Stars like H&M, Zara and Forever 21 are responding to the latest fashion trends at warp speed, leaving older brands like Banana Republic and American Eagle in the dust. They’re also undercutting the older guys on price — a critical factor for the target audience.
They’re also selling better-looking clothes? What the hell are these?
Images via Aeropostale