Teen apparel and accessories retailer Delia*s Inc said it was liquidating assets and would file for Chapter 11 bankruptcy protection "in the very near term," wiping out more than 85 percent of its market value. New York-based Delia*s, which launched a review of strategic alternatives in September, said it was unable to sell itself or secure financing to allow it to remain a going concern.Delia*s, like many other teen apparel retailers, has been losing market share to fast-fashion brands such as H&M, Forever 21 and Inditex's Zara, which bring the latest styles from the runway to their stores within weeks.The company, which has not reported a quarterly profit since early 2011, previously disclosed total liabilities of $37.6 million and assets of $75.6 million as of Aug. 2.Delia*s shares were trading at 1.6 cents just after the opening. The stock hit a 52-week high of $1.35 in March.
dELiA*s, Inc. is a retail company comprised of two lifestyle brands primarily targeting teenage girls and young women. Shares of DLIA fell by 82.89% or $-0.0969/share to $0.02. In the past year, the shares have traded as low as $0.08 and as high as $1.35. On average, 1850330 shares of DLIA exchange hands on a given day and today's volume is recorded at 13166107.
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