Clothing retailer, Aeropostale will be closing 41 of its Canadian stores, plus 113 stores in United States, as the company filed for Chapter 11 bankruptcy protection. Stores will start closing down this weekend.
“We have chosen to take more decisive and aggressive action to create a leaner, more efficient business that is well positioned to compete and succeed in today’s retail environment,” CEO Julian Geiger explains.
Aeropostale posted a loss of $26 million on sales in its latest quarter. H&M and Forever 21 are attracting younger fashion trend-setters, making it harder to compete.